Strong backing for Central Plains Water share structure
26 July 2013
Strong backing for CPW share structure
Central Plains Water Ltd yesterday received strong backing from farmers attending a Special General Meeting to agree the share structure and construction approvals necessary for first stage construction to proceed.
More than 200 shareholders attended the July 25 meeting, along with Selwyn District Mayor Kelvin Coe and MPI representative, Kevin Steel.
The meeting voted unanimously to proceed with construction of the irrigation scheme, with only one shareholder voting against the proposed share structure.
“The attendance and support level was outstanding and while not unexpected, it was a huge endorsement of the future confidence in the project,” said Derek Crombie CPW CEO.
“The message to the Board and Management from the meeting was to proceed with the full scheme quickly.
“This decision means that irrigation of the Central Canterbury area has moved to reality and a start on construction can be planned for early 2014,” he said.
CPW will now prepare a prospectus to raise the Shareholder Equity to build the 20,000 Ha Stage 1 of the scheme.
Mr Crombie said over the next month Shareholder Cluster Group meetings will be held to explain the details of the share process, Water User Agreement, nutrient management programme, and Scheme construction programme. This would assist shareholders to make decisions on their share uptake and future investment.