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
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

Apparel/Garments | On 1st Mar 2017

CMAI's Apparel Index for Q3 shows lowest growth at 1.4 pts

CMAI’s Apparel Index for the third quarter FY 2016-17 shows that the...

Courtesy: Carter

Apparel/Garments | On 1st Mar 2017

Kidswear retailer Carter’s acquires Skip Hop Holdings

US headquartered kidswear retailer Carter’s said it has acquired Skip ...

Courtesy: Lectra

Information Technology | On 1st Mar 2017

Lectra makes new strategy for fashion in Industry 4.0 era

Lectra, the world leader in integrated technology solutions, has...

Interviews View All

Nuno Venda

‘There has been an increase in demand for water based inks, rather than...

Rahul Bhadani

Navigating through catalogues is a bit hasslesome

Rashi Menda

Every fifth sale we make on Zapyle is a repeat purchase

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Suresh Patel
Sidwin Fabric

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

Marcel Alberts

Coating at a fibre level is a practice not usually seen in the...

Robert Brunner

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

February 2017

February 2017

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


Browse Our Archives


Subscribe today and get the latest News update in your mail box.
Advanced Search