19 Dec 2012

Wools of New Zealand extends capital deadline

7:03 am on 19 December 2012

Wools of New Zealand has extended its deadline to raise money to promote strong wool until February 2013.

The farmer-owned company failed to reach the $5 million minimum threshold it had set by its 14 December 2012 deadline.

Now the company is asking strong wool growers to buy up to $10 million worth of shares to allow it to build supply-chains and develop marketing opportunities.

Wools of New Zealand chairman Mark Shadbolt said a variety of factors led the company to extend its deadline to 25 February including the fact that applications are still flowing in because farmers have left applying until the last minute and slow Christmas mail.

He said the low returns farmers are getting for lamb and wool at present makes it important that Wools of New Zealand become well established and is owned by the growers.