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Namoi Cotton Co-operative to get cornerstone investor
19
Jul '12
Namoi Cotton Co-operative Limited has now completed the first stage of its plan to recapitalise its balance sheet through a capital injection from a cornerstone investor. The proposed capital injection is expected to provide Namoi Cotton with financial, operational and strategic benefits as the business moves into a period underpinned by enhanced water security, increased production and continued support from its longstanding grower relationships.

The capital raising process has progressed in accordance with Namoi Cotton’s expectations. A number of interested parties received an Information Memorandum during the initial stages of this process. An encouraging number of those parties have now requested the opportunity to conduct further due diligence on Namoi Cotton.

The Namoi Cotton Board has determined that certain parties will be short listed and in turn provided with access to an electronic data room, conduct operational site visits and receive management presentations in coming weeks with potential for these parties to provide final offers in due course.

Namoi Cotton is anticipating completion of a recapitalisation transaction during its financial year ending February 2013. However, there can be no certainty that definitive agreements will be entered into or that a transaction will be consummated. Namoi Cotton will continue to advise the market as progress is made.

Namoi Cotton Co-operative Limited

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