Friday, March 29, 2024

Farmers’ cash backs wool co-op

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Primary Wool Co-operative shareholders have backed their organisation by providing strong support for its future.  A bright future for the organisation and the New Zealand wool industry is a step closer, uplifted by the strong support of shareholders in a recent capital raising, chairwoman Janette Osborne said. That enabled the co-operative to file an improved balance sheet as it emerges from a year of reflection and consolidation on a positive footing.    
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“I’m pleased to report that we have laid the foundation for a very positive future. 

“We are very happy with the initial response to our capital raise and our accounts are in good shape. 

“This will enable the continuation of industry-good investment, value-add initiatives and sustainable returns to shareholders,” Osborne said. 

Strong support from shareholders raised $1.8 million.

“We are now a step closer to being able to start work on some of the exciting initiatives we are planning to help boost demand for NZ wool.” 

The co-op is also pleased with the performance of Carrfields Primary Wool, in which it has a 50% share.

“The Primary Wool Co-operative board is confident in CP Wool’s ability to deliver on its five-year strategic plan, which forges a solid path towards a positive future for NZ wool farmers.” 

The directors have no intention of calling back the co-op’s loan to CP Wool.

“In fact, we have received the support of our shareholders to invest further in the company,” Osborne said. 

Among CP Wool’s initiatives are several new partnerships to raise global awareness of NZ wool as a highly valuable and versatile natural fibre.

CP Wool is also investigating the huge potential of hemp through its subsidiary NZ Yarn. 

“At a time when wool prices are presenting significant challenges to farmers our shareholders have demonstrated their optimism about several industry initiatives as well as supporting greater industry cohesion to achieve positive outcomes.

“We’re investing in the future of our wool and our people and we believe our product and our people have the capability to make incredible changes for the future of our industry,” Osborne said.

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