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PGGW offers finance to wool growers for subscription
09
Dec '10
Jeff Grant, Chairman of Wool Partners Co-operative Limited welcomed an offer by PGG Wrightson Finance Limited to provide assistance to growers requiring funds to subscribe for shares in the 100 per cent grower owned co-operative.

“We know that there is strong support in principle for the establishment of a grower owned co-operative for the strong wool industry. This offer will assist growers at a time where seasonal cash flows are often at their lowest,” Mr Grant says.

PGGW Finance will offer growers finance for their initial subscription of 20 cents a share with repayment being made on or before May 2012. The company has implemented a simple, short form application process to support this offer.

The interest rate on funds advanced will be 9.95 per cent per annum. Repayments can be made from wool receipts or by direct payment at any time over the term of the loan.

“A number of growers have indicated a preference for the subscription to be deducted from their wool proceeds so we are delighted to have secured this financial arrangement from PGG Wrightson Finance for growers,” Mr Grant says.

Wool Partners Co-operative Limited

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