The subscription date for the country’s largest ever proposed wool co-operative has been extended again.
Wool Partners Co-operative had already pushed its subscription deadline from the end of November until December 17th, and has now extended that date until the end of the year.
Jeff Grant says the decision was originally being considered to give growers more time to send in cheques, as the 50% commitment target hasn’t been reached.
“We’ve always indicated from the start that we would, at the closing of the prospectus, indicate the support.
"We obviously didn’t get to the $65m today, so on that basis we’ve taken the view that we should keep [it] in the market.”
However Grant says events of the last 24 hours also need to be taken into consideration.
A majority stake in wool marketer Wool Services International will be put up for sale early next year.
Two companies – including the Allan Hubbard-owned Plum Duff – have surrendered their stakes after being placed in receivership, and Jeff Grant says WPC may have an interest in the sale.
“These shares will go on the market, whoever purchases the shares will hold the majority of WSI and we have had an expression of an interest from a third party around the possibility of looking at that.”
A further announcement on the company’s status will be made early in the new year.
Te read more about the announcement, full details can be found here.
