Home / Knowledge / News / Textiles / Wools of NZ to raise NZ$10mn from strong wool growers
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

Must ReadView All

Textiles | On 25th May 2017

Huntsman and Clariant to have merger of equals

Huntsman Corporation and Clariant have announced that their boards of ...

Courtesy: CBRE

Apparel/Garments | On 25th May 2017

European cities preferred for retailer expansion: CBRE

European cities were the preferred new destination for international...

Apparel/Garments | On 25th May 2017

Guess records $458.6 million revenue for Q1 2018

For the first quarter of fiscal 2018, the net revenue of American...

Interviews View All

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Madhu Jain
Madhu Jain

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

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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:
May 2017

May 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