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Wools of NZ to raise NZ$10mn from strong wool growers
06
Nov '12
To improve its prospects for establishing itself as a central wool marketing body, Christchurch-based global wool marketing firm Wools of New Zealand intends to raise NZ$ 10 million from strong wool growers by issuing shares valuing NZ$ 1 per unit.
 
The firm relied on wool market development fee for its funding since 2010, till PGG Wrightson transferred its assets to the Wools of New Zealand Trust, a 100 percent grower-owned entity last year in an attempt to establish a central promotional body for the wool industry.
 
The firm would be required to raise a minimum NZ$ 5 million, of which around NZ$ 1.87 million would be utilized to pay-off the loan it obtained from its shareholder, Wools of New Zealand Trust. The rest of the money raised would be used for devising marketing and royalty earning programmes and in developing supply chains.
 
The idea is to invite growers to be a part of a program where they would be required to contribute 15 cents/kg for their annual strong wool production to a Wool Market Development Committee, till 2018, till the firm becomes capable to support itself.
 
According to Wools of NZ Chairman Mark Shadbold, the plan is not an innovative idea and it cannot be expected to bring an instant solution to the issues being faced by the strong wool growers in New Zealand.
 
However, he said other primary sectors that joined such programs and invested in the same to aid creation of innovative products and processes have been compensated for their efforts.
 
The offer is open till December 14 and both individual and corporate strong wool growers can subscribe to the same in ratio of one share for every two kg of annual production.
 
The last effort to develop a marketing body failed as Wool Partners Cooperative could not raise NZ$ 55 million required to set itself in motion.
 

Fibre2fashion News Desk - India

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