Windflow meeting a done deal
Windflow directors have enough proxy votes to defeat a winding up resolution at Wednesday's special meeting.
Wednesday’s special meeting to consider winding down Windflow Technology has already been decided.
The directors issued a statement today saying that they have sufficient proxies and votes to assure that they will defeat a motion to liquidate the company.
Two weeks ago the directors announced they would hold a meeting and put forward a motion for winding up. At that time they were seeking funding to keep the company going.
One day before the capital raising was due to close, a shareholder offered to take up any shortfall to the required $2 million to keep Windflow flying.
The shareholder has also offered to provide a 1.6 million pounds loans secured against the first three turbines to be installed for a UK customer. Final agreements have yet to be struck for the supply of the turbines.
Windflow founder Geoff Henderson has also mortgaged his house to provide a $150,000 loan to stave off a cash flow crisis.
The value of the company now lies in marketing its intellectual capital after manufacturing was wound down and staff laid off at its turbine manufacturing facility in Christchurch.
The company has run out of customers in New Zealand and new consented wind farms are taking too long to come to market.
The company intends to hold its Annual Meeting on Wednesday 30 November 2011, and a formal notice confirming the date will be issued shortly.
Chris Hutching
Mon, 31 Oct 2011
Mon, 31 Oct 2011
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Windflow meeting a done deal
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