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Co-Op Backers Hoping Santa Will Deliver A Miracle

Co-Op Backers Desperately Hoping Santa Will Deliver A Miracle

The excuse to extend the Wool Partners Co-operative capital raising was desperate, disingenuous and an indication that growers see the prospectus as lacking information and the offer as an unattractive investment.

Using the potential sale of the Hubbard shareholding in New Zealand Wool Services International as an excuse to further delay the capital raising deadline was ridiculous, the executive manager for the wool exporters, Mr Nick Nicholson said.

“The issue is a lame duck and they should just knock it on the head and put themselves out of their misery. The status of the Hubbard shareholding is hardly news and it’s well known and reported in the media that Wool Partners International expressed an interest in the shares weeks ago,” Mr Nicholson said. “It is fanciful to suggest this is a legitimate reason to extend the offer.”

Many participants across the industry do not take kindly to being treated as naive about such matters, nor do they want to see the industry’s reputation being damaged in the international markets by these shenanigans, he said.

“This is the second time the deadline has been extended. They are going to drag woolgrowers through an uncertain holiday season. It’s quite irresponsible,” Mr Nicholson said.

The original Wool Partners prospectus was set to expire on November 30, before being extended to December 17.

Mr Nicholson said the co-op remained tight lipped on how much money they’ve raised, but this further delay suggests co-op committed growers are very much in the minority, and promoters are well short of their target.

“They are either hoping Santa Claus will deliver or expecting some kind of New Year’s Eve miracle,” Mr Nicholson said.

“It’s a shame that WPC is causing this disruption because it all comes at a time when the wool industry is more united than ever through worldwide efforts such as the Prince Charles inspired Campaign for Wool and the International Architects Project.

Wool Partners International refused to contribute, but the promotion is bearing results and wool prices are solid, Mr Nicholson said.

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