Wools Of New Zealand Closes Capital Raise

Press Release – Wools of New Zealand

Wools Of New Zealand Closes Capital Raise Wools of New Zealand has closed its capital raise with more than 700 applications for shares totalling approximately $6 million, representing approximately 14.5 million kilograms of annual strong wool production …Wools Of New Zealand Closes Capital Raise

Wools of New Zealand has closed its capital raise with more than 700 applications for shares totalling approximately $6 million, representing approximately 14.5 million kilograms of annual strong wool production and a five-year marketing commitment.

As a 100% grower owned company, Wools of New Zealand is now positioned to drive its commercial, market-pull strategy, for the benefit of its shareholders.

Mark Shadbolt, chairman of Wools of New Zealand, said there had been a lot of late interest right up to the close of the offer.

“While we finished short of our original target, the average annual wool production of our shareholders is significantly higher than we expected. It will mean scaling the business accordingly which was always going to be necessary once we knew the final level of grower investment and volume of wool committed. An important next step will be to recruit a CEO to drive the business.”

Mr Shadbolt said the directors appreciate that it will take time and a lot of hard work for the company to gain significant traction. “But given that there have been a number of unsuccessful attempts to lift the prospects of the strong wool industry this is about looking forward not back. What’s important is that we can start and focus on lifting returns for our shareholders to secure a more profitable future for our sheep businesses.”

ENDS

Content Sourced from scoop.co.nz
Original url