Wools of New Zealand discloses capital raised position

Wools of New Zealand, a company asking wool growers to purchase its shares in cash to promote their product in international markets and establish supply chains, has revealed details of the capital raised so far.

 

As on December 19, the company has raised NZ$ 4.1 million from 552 growers representing approximately 12 million kg of annual wool production, Wools of New Zealand Ltd. Chairman Mark Shadbolt said in a statement.

 

The firm’s objective is to raise $10 million of capital and to have shareholders who annually produce 20 million kg of wool or more.

 

The company urged wool growers to consider its offer and subscribe for shares in Wools of New Zealand. It added that the directors of the company have the discretion to close the subscription list at any point over the minimum capital requirement of $5 million.

 

The disclosure about the amount raised so far came after the company extended the deadline for its share offer to wool growers until February 25, 2013.

 

Mr. Shadbolt said the extension has been made to provide every opportunity for growers to take advantage of the offer, which to date had attracted positive support, though it remained short of the minimum required level of $5 million.

 

Source: Fibre2fashion