Home / Knowledge / News / Textiles / Wool Co extends deadline for raising capital to buy New Zealand WSI
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

Must ReadView All

Textiles | On 22nd Apr 2017

Strong rupee & weak trade to affect textile exporters

Textile and apparel exporters' earnings and EBITDA margins will be...

Textiles | On 22nd Apr 2017

Myntra acquires InLogg

With an aim to strengthen supply chain and logistics, Flipkart-owned...

Textiles | On 22nd Apr 2017

Aditya Birla Group launches new variant Liva Crème

After its successful launch of high quality fabric Liva in 2015,...

Interviews View All

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search