Home / Knowledge / News / Textiles / New Zealand WSI awaits Court decision before raising fresh capital
New Zealand WSI awaits Court decision before raising fresh capital
19
Nov '11
New Zealand Wool Services International (WSI) is awaiting the High Court's ruling as to whether Cavalier is authorized to bid for WSI or not, and based on this decision only the firm would carry forward its plans to raise fresh capital.

As stated by WSI Chairman Derek Kirke, it does not make sense in starting to raise capital till a certainty arises regarding several issues which presently are unanswered.

He, however, said that WSI stakeholders are puzzled over the WSI Board's silence, particularly when its opponent bidder Wool Equities Limited (WEL) has already started raising capital. The stakeholders have thus urged WSI to shed light on the situation.

When carpet producer Godfrey Hirst lodged a petition before the High Court challenging Commerce Commission's move of clearing Cavalier's US$ 40 million bid for WSI, WEL came into play and stated that its newly instituted firm New Zealand Wool Investment Company (Woolco) is interested in raising capital for acquiring WSI. WEL since announced a capital raising of US$ 77.4 million to fund the acquisition.

The WSI Board, Mr. Kirke said has remained most disinclined to publicly contest the merits of capital raising by WEL or Woolco, and has chosen to leave the wool growers and WSI shareholders to make their own cautious decisions.

If Cavalier is allowed to bid for and acquire WSI, the acquisition would earn it a monopoly over the wool scouring industry of the country.

According to the WSI Chairman, outcome of the High Court's ruling on the petition would play an important part in deciding WSI's future course of action and it would be imprudent of WSI to initiate raising of any capital till the outcome of the petition is known.

Fibre2fashion News Desk - India


Must ReadView All

Apparel/Garments | On 24th Jun 2017

JD enters into strategic partnership with Farfetch

E-commerce giant, JD, China's largest retailer, and Farfetch, the...

Textiles | On 23rd Jun 2017

Textile ministry organises training workshop on GST

The ministry of textiles had organised training workshop on GST which ...

Apparel/Garments | On 23rd Jun 2017

Uware Brands into licensing agreement with Polaroid

Uware Brands has entered into a licensing agreement with Polaroid for ...

Interviews View All

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Tony Ward
Tony Ward

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

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

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

news category


Related Categories:
June 2017

June 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