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Windflow Rights to Commence Trading



Windflow Rights to Commence Trading

Windflow Technology Ltd, the designer and manufacturer of the Windflow 500 wind turbine now in commercial production, is mailing its shareholders the prospectus for a 1 for 4 renounceable rights issue and attached separately tradable options.

The period of trading in rights to the offer of new shares opens today and existing shares will be quoted 'ex-rights' on the NZAX market.

Rights trading will cease on 28 November 2007. The closing date for receipt of acceptances and renunciations and subscription is 30 November 2007.

The new shares are being offered at $3 per share. With each new share issued subscribers shall also receive an option to subscribe to one additional share at $3.30 per share on exercise of the options on 30 September 2008.

Windflow Technology Limited is moving from its establishment period into a new phase of expansion which will include ongoing R & D and continuous production of wind turbines to satisfy existing and anticipated orders, the chairman Mr Barrie Leay said in a letter to shareholders.

The company has delivered five Windflow 500 turbines and has orders for 44 turbines which are due to be manufactured and delivered over the next 18 months, he adds in the prospectus registered in late October.

The gross revenue of the confirmed orders for 44 turbines will be in excess of $30m spread over the build/delivery period. Orders for 48 further turbines are anticipated by Windflow Technology.

The Windflow 500 turbine is being installed in the Te Rere Hau wind farm, a joint venture between NZ Windfarms Ltd, Babcock & Brown and NP Power. The 48.5 MW Te Rere Hau site is consented for 97 turbines.

NZ Windfarms announced on 30 October that it wishes to add a further 37 turbines and intends using the same Windflow 500 turbines for that extension for which resource consent will be sought.

Windflow Technology's capital raising is for a maximum total of $10.59m. Up to $5.04m may be raised by the issue of new shares this year and up to a further $5.55m in 2008 by exercise of the options.

The first tranche of funds will initially be allocated as working capital related to fulfilment of the outstanding orders for 44 turbines, pending progressive payments for delivered turbines.

The second tranche of funds, also supplemented from payments for delivered orders, would be allocated to research and development of new variants of the Windflow turbine and market development supported by completion of the IEC certification process.


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