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Wool Co extends deadline for raising capital to buy New Zealand WSI
02
Nov '11
The new established Wool Co in New Zealand has extended its deadline for raising capital to acquire New Zealand Wool Services International (WSI) to December 9 from the earlier October 28.

Extending the deadline, Wool Co, a joint venture between Wool Equities Ltd and Christchurch-based investment bank Ocean Partners, said it needs commitment from more farmers to raise the NZD 40 million necessary to purchase the 64 percent share in WSI that is being sold by the receivers of Allan Hubbard's Plum Duff and Woolpak Holdings.

Wool Co eventually plans to make an offer to buy the rest of the company. It is currently taking commitment from sheep farmers for buying NZD 9500 of shares. The company had reduced the minimum amount three weeks ago from NZD 23,750, a sum considered high by the farmers.

Cliff Heath, Chairman of Wool Co, said the support from farmers was crucial for success of the initiative and more farmer meetings will be organized to explain the company's plan to buy WSI.

Describing his company's initiative as farmer-led, Mr. Heath said they want to give enough opportunity for farmers to participate in ensuring financial success of the initiative and make a difference.

WSI is one of New Zealand's leading wool exporters and the company also has strategic wool scouring operations.

Earlier, Commerce Commission had permitted Cavalier Wool Holdings to acquire wool scouring assets of WSI, but the decision was contested by carpet maker Godfrey Hirst and the outcome of the appeal is yet to be released.

Fibre2fashion News Desk - India

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