8 Jul 2009

Discussions over former Wool Board funds

5:39 am on 8 July 2009

Two companies involved in the distribution of former Wool Board funds to sheep farmers will meet on Wednesday to discuss how they might co-ordinate the process.

The Wool Board Dis-establishment Company still holds more than $7 million of reserve funds for about 13,000 farmers who are entitled to a share of the money.

DISCO withheld the money while it dealt with several legal challenges. The last of those was decided last week.

Many of the farmers on DISCO's distribution list are also shareholders of Wool Equities Limited, set up as an investment company after the Wool Board's demise.

It's in the process of restructuring, and as part of that is offering to buy back the shares of those who don't want to stay with the company.

WEL is hoping to do that next month. General manager, James West, says Wednesday's meeting will explore the feasibility of combining that with the DISCO distribution.