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Tussle for controlling stake in NZ's WSI to end soon

Feb '12
The ongoing tussle for gaining a controlling stake in New Zealand Wool Services International (WSI) could end by June this year.

The 64 percent stake in WSI is on the market owing to failure of Plum Duff, late Allan Hubbard's company, and an associated company Woolpak, which held the major share between them.

The stake is currently in the hands of receivers Malcom Hollis and Maurice Noone of Pricewaterhouse Coopers.

In their latest six-monthly report, the receivers have informed that a sale process is on and discussions with negotiating parties are continuing. They expect to reach some type of settlement before the next reporting period in mid-June this year.

Even in their previous report, the receivers had shown a similar optimism that they would be able to complete the sale process by next reporting period in mid-January this year.

WSI board and Cavalier Wool Holdings are presently in the race to acquire the 64 percent stake, after the exit of Wool Co. last year.

Wool Co., started as a joint venture between Christchurch investment bank Ocean Partners and Wool Equities representing 9500 farmer shareholders, failed in its effort to raise Au$ 40 million needed to acquire the 64 percent stake in WSI.

The Board of WSI is planning to raise capital on its own to purchase the 64 percent of its shares held by receivers, and is currently seeking an underwriter for the process.

Last year, Cavalier Wool Holdings won permission from Commerce Commission, which was later upheld by a Court, to buy the scouring assets of WSI, and thus, gain a monopoly over New Zealand's wool scouring industry.

Fibre2fashion News Desk - India

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