3 Jun 2011

Prospectus for new wool firm bid expected next year

12:02 pm on 3 June 2011

Sheep farmers behind a fresh bid to form a wool co-operative say it could take the rest of the year to get organised.

The farmers failed in their first attempt to get the level of wool grower support needed to buy the assets of the company Wool Partners International.

The group has set up a seven-member establishment board to drive the new proposal, supported by a number of influential industry advisors.

A spokesperson for the farmers, Mark Shadbolt, says wool growers who supported the original concept will receive a letter this week to bring them up to date with what's happening.

A new prospectus is not likely to be ready until early next year, he says.

Exporters, wool merchants, brokers and some farmers waged an intensive campaign against the first bid.