28 Feb 2013

Sale of wool exporter unconditional

12:50 pm on 28 February 2013

The sale of New Zealand Wool Services International to an Australian company has gone unconditional.

The Australian based investment company, WSI Holdings of Australia made a full takeover offer earlier this month after acquiring more than 90% of the 70 million shares at 45 cents each.

WSI Holdings is an associated company of Lempriere, a wool merchant and processor in Melbourne, which has had a long association with the New Zealand wool industry.

Wool Service International chair Derek Kirke said shareholders who have accepted the offer will be paid in about a week, and WSI Holdings will compulsorily buy the remaining shares.

He said it will end more than three years of great anxiety for the company, which is the country's biggest wool exporter.

Ownership of New Zealand Wool Services International, a wool exporter and scourer, became uncertain when the two majority shareholders, Plum Duff and Woolpak Holdings were put into receivership as a result of the South Canterbury Finance collapse in 2010.