18 Dec 2012

Capital deadline extended

1:12 pm on 18 December 2012

The deadline for a capital raising venture by Wools of New Zealand has been extended after it failed to reach the $5 million dollar minimum required.

The wool promotion company is asking growers of strong wool to buy up to $10 million worth of shares in the company to give it enough money to carry out sales and marketing work for the sector.

However, its deadline of 14 December passed without the company reaching the $5 million minimum threshold it had set.

Chairman Mark Shadbolt said that deadline has now been extended to February the 25th next year.

He said farmers had raised concerns about their pre-Christmas workload, saying it was affecting their ability to make a considered decision.

Mr Shadbolt would not say how far short Wools of New Zealand still is from its target, but said it is getting closer every day.