Wool Partners Co-operative extends subscriptions offer

26 Nov '10

2 min read

Wool Partners Co-operative Limited is extending the closing date for subscriptions to its $65 million capital raising until 5pm 17 December 2010.

Wool Partners chairman Jeff Grant says there is strong support for the co-operative from growers across the country. “Many have asked us to consider an extension of the offer to enable them to go through decision-making processes, and in cases where farms are owned by corporate and trust structures, the opportunity to comply with their governance procedures before accepting the offer. It will also give other growers the opportunity to consider joining their neighbours and colleagues in creating a strong co-operative that will change the dynamics of the strong wool industry with a firm focus on increasing grower returns.”

“We will be stronger together. Historically, the industry has been fragmented and unable to capture the true value of the world's finest carpet wool for the benefit of growers.”

The start of operations by Wool Partners Co-operative Limited is conditional on receiving subscriptions for 65 million $1 shares and the commitment of growers to supply 65 million kilograms of greasy strong wool.

“The assurances given by growers to the directors, management and field officers leads us to believe that the thresholds will be achieved,” Mr Grant says.

“Most growers realise that the future of strong wool is limited with the existing industry structures, and that the way forward is with a grower-owned organisation focused on working with others in a transparent value chain to return higher prices, rebates and dividends to growers.”

“I urge growers who have made their decision, to post their subscriptions now, rather than wait for the last few days of the extension period,” Mr Grant says. Applications can also be made online at www.woolpartners.com.

Applications need to be accompanied by an initial payment of 20c for every kilogram of greasy wool produced with a further 20c per share due in May 2011, May 2012, May 2013 and May 2014.

Subscription cheques will not be banked before 17 December 2010.

Wool Partners Co-operative Limited