Waikato Innovation Park continues efforts to raise capital

MEDIA RELEASE

For Immediate Release

25 July 2012

Waikato Innovation Park continues efforts to raise capital to fund growth

In May 2011, the Waikato Innovation Park Board of Directors announced it would seek capital investment from agricultural sector investment company, Eden AgriCapital Ltd, with the intention of using the equity to develop national and international business opportunities.

The Park’s holding company, Innovation Waikato Limited (IWL), had intended to issue new shares to Eden AgriCapital Ltd in exchange for a 50% interest in IWL.

This transaction has not occurred within the timeframes prescribed due to the current investment climate and consequently the formal agreement between the two companies has concluded.

However, IWL and Eden will continue the efforts to raise capital to fund growth opportunities.

IWL Chairman, Michael Spaans, says that this does not affect the Park’s viability or its day-to-day activities. “Waikato Innovation Park will continue business as usual. However, the growth opportunities we have been investigating both within New Zealand and off-shore will be reviewed.”

The Waikato Innovation Park was originally established as an economic development initiative and has a target of 4% GDP regional growth. “The capital investment we’re looking to raise will help the Park access the cash it needs to achieve this core economic development objective,” says Mr Spaans.

Shareholding in the Innovation Park remains unchanged with economic development group, Katolyst, holding 80.2% and Hamilton City Council holding 19.8%.

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