Just two weeks from the expected release of its prospectus, Wool Partners International has changed the name of a new company in preparation.
Wool Grower Investments was created in July, with a name aligned with WPI co-owner Wool Grower Holdings.
In recent weeks the Companies Office was asked to reserve Wool Partners Co-operative as a name.
Late last week the new name replaced Wool Grower Investments.
Wool Partners International, owned by rural services and supplies company PGG Wrightson and Wool Grower Holdings, is in its third year of operation.
Farmer investment was always planned to bolster the company’s existence but a prospectus was never produced.
Now the company has said it is about to release one and some industry commentators have suggested it will be looking for more than $60 million from farmers.
Wool Grower Holdings has 60% of the voting rights of WPI, although PGG Wrightson owns 49.9% of the shares.
PGG Wrightson is also owed nearly $12 million by Wool Grower Holdings – money lent to the company to buy its stake in WPI plus interest, which was formed from PGG Wrightson’s wool business.
The company is also owed nearly $4 million from WPI because of interest accumulating on 17.5 million redeemable preference shares.
Four of Wool Grower Holdings directors are also directors of the new Wool Partners Co-operative – Jeff Grant, Brian Lochore, John Perriam, Mark Shadbold and Keith Sutton.
Mr Shadbolt and Mr Sutton are also directors of WPI.
WPI chairwoman, former Telecom chief executive Theresa Gattung, is also a director of the new company.
Mon, 11 Oct 2010