8 Feb 2013

Wools of NZ capital raising deadline fast approaching

6:53 am on 8 February 2013

Wools of New Zealand is reminding farmers that the latest deadline for its capital raising offer is less than three weeks away.

Some 560 wool growers have bought into the plan so far, which aims to raise $10 million for marketing strong wool overseas.

Wools of New Zealand chairman Mark Shadbolt says the farmers who have signed up produce a total of 12 million kilograms of wool.

He says the organisation extended its first deadline after not receiving sufficient interest from growers.

Mr Shadbolt says by the end of January the capital raised was $4.2 million, short of the $5 million threshold needed to launch the plan.

The latest deadline is 25 February.