Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Jeff Grant Challenged To Front Up With The Float Facts

31 December 2010
Jeff Grant Challenged To Front Up With The Float Facts

The chairman of Wool Partners Co-operative Jeff Grant has been challenged to come clean and provide an accurate update of how many growers have signed up for the $65 million capital raising.

The announcement to extend the offer until February 16 because of “overwhelming support” did not make sense and had been strongly contradicted by independent research that showed 70.5 percent of woolgrowers had no intention of subscribing to the offer, the executive manager for the Wool Exporters Council, Mr Nick Nicholson said.

“If they had the overwhelming support as they claim they’d be across the line by now and the promoters would not be extending their offer for a third time. This is another example of the WPC chairman Jeff Grant fudging the facts at a time when he needs to be open and transparent.

“Continuing with the float when the support isn’t there is plain irresponsible and at the end of the day someone is going to have to pick up some very large costs,” Mr Nicholson said.

A HorizonPoll conducted between December 22 and December 30 indicated wool growers’ biggest worry was a $24 million bank loan debt that would be inherited from Bloch and Behrens by the new co-operative.

“They are asking why the co-operative had to take over the debt, when they could start from fresh without a $24 million bank loan hanging over the new entity,” Mr Nicholson said. “Growers told Horizon they wanted more information from the prospectus including a balance sheet, details of how the businesses being acquired have performed in recent times, and details of how the assets being acquired from Wool Partners International have been valued.”

Another area of concern from the qualitative part of the poll was the commonality of the management and directors between Wool Partners International and Wool Partners Co-operative.

The Wool Partners International directors are Theresa Gattung (chair), Keith Sutton, Craig Norgate and Mark Shadbolt. Former Meat & Wool NZ chair Mike Petersen resigned from WPI in July 2008 and John Perriam resigned from WPI in February 2010.

The Wool Partners Co-operative directors are Jeff Grant (chair, and a former chairman of Meat & Wool NZ before Mr Petersen), Theresa Gattung, Mark Shadbolt, Keith Sutton, John Perriam and Sir Brian Lochore.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Westpac: Sets Out Plan To Go Cheque-Free

Westpac NZ has announced details of its plan to phase out cheques, after signalling in May that it would be supporting a move to other forms of payment. Cheques will cease to be available as a means of payment after 25 June 2021. Westpac NZ General ... More>>


NZTA: Major New Zealand Upgrade Programme Projects Go To Tender

Two major New Zealand Upgrade Programme projects are beginning tenders for construction. The New Zealand Upgrade Programme is a $6.8 billion investment to get our cities moving, to save lives and boost productivity in growth areas. The first Auckland ... More>>

Reserve Bank: RBNZ Seeks To Preserve Benefits Of Cash

The Reserve Bank – Te Pūtea Matua is taking on a new role of steward of the cash system “to preserve the benefits of cash for all who need them”, Assistant Governor Christian Hawkesby told the Royal Numismatics Society of New Zealand annual conference ... More>>


Economy: Double-Dip Recession Next Year, But Housing Rolls On

New Zealand's economy is expected to slip back into recession early next year as delayed job losses, falling consumer spending, and the absence of international tourists bites into growth. More>>


Microsoft New Zealand: Microsoft Expands “Highway To A Hundred Unicorns” Initiative To Support Startups In Asia Pacific

New Zealand, 14 October 2020 – Today Microsoft for Startups launches the Highway to a Hundred Unicorns initiative in Asia Pacific to strengthen the region’s startup ecosystem. This follows the initiative’s success in India, where 56 startups were ... More>>

Fonterra: Farmers Taking Another Step Towards New Zealand’s Low Emissions Food Production

They’re hot off the press and intended to help take the heat out of climate change. Fonterra farmers are already among the world’s most sustainable producers of milk and now have an additional tool in their sustainability toolbox. Over the last few ... More>>


Courts: Businessman Eric Watson Sentenced To A Four-Month Jail Term

New Zealand businessman Eric Watson has been sentenced to a four-month jail term in the UK for contempt of court, TVNZ reports. More>>

OECD: Area Employment Rate Falls By 4.0 Percentage Points, To 64.6% In Second Quarter Of 2020

The OECD area employment rate – the share of the working-age population with jobs – fell by 4.0 percentage points, to 64.6%, in the second quarter of 2020, its lowest level since the fourth quarter of 2010. Across the OECD area, 560 million persons ... More>>

Spark: Turns On 5G In Auckland And Offers A Glimpse Into The Future Of Smart Cities

Spark turned on 5G in downtown Auckland today and has partnered with Auckland Transport (AT) to showcase some of the latest in IoT (Internet of Things) technology and demonstrate what the future could look like for Auckland’s CBD with the power of 5G. 5G is ... More>>

Stats NZ: Monthly Migration Remains Low

Since the border closed in late-March 2020, net migration has averaged about 300 a month, Stats NZ said today. In the five months from April to August 2020, overall net migration was provisionally estimated at 1,700. This was made up of a net gain ... More>>

University of Canterbury: Proglacial Lakes Are Accelerating Glacier Ice Loss

Lake Tasman, New Zealand | 2016 | Photo: Dr Jenna Sutherland Meltwater lakes that form at glacier margins cause ice to recede much further and faster compared to glaciers that terminate on land, according to a new study. But the effects of these glacial ... More>>


Dairy: Fonterra Sells China Farms

Fonterra has agreed to sell its China farms for a total of $555 million (RMB 2.5 billion*1), after successfully developing the farms alongside local partners. Inner Mongolia Natural Dairy Co., Ltd, a subsidiary of China Youran Dairy Group Limited ... More>>