Wool Partners extends capital raising

More twists and turns in the wool sector with an extension in the deadline for capital raising  again by Wool Partners Co-Op, as they try to attract 50% of the wool growers to their company.

The other large wool exporter and scourer Wool Services International, is having ownership issues with its largest shareholder owned by two of Alan Hubbards companies listed for sale by the recievers. This could provide an opportunity for some rationalisation between the two companies.

This period of indecision is frustrating for all in the industry, and needs to be settled quickly so all can get on with the task of keeping wool at the present price levels and better, so  the profitability of the sheep industry can be improved.

The proposed big new wool co-operative, Wool Partners Co-operative, has extended for a second time the closing date of its $65 million capital raising,  until the end of the year. The original deadline was November 30 and then moved forward until today to give strong wool sheep farmers more time to decide if they would pay $1 a share to belong and would commit their strong wool clip to WPC reports The Dom Post.

Wool Partners chairman Jeff Grant says events of the last 24 hours affecting other players in the strong wool industry need consideration. Grant is referring to the sale of a controlling shareholding in the country's largest wool exporter, listed firm Wool Services International, after Allan Hubbard's company Plum Duff which owns 44 per cent of WSI was placed in receivership yesterday and receivers said Plum Duff's stake and another stake in WSI owned by Woolpak Holdings, also placed in receivership, would be offered for sale.

Grant said "We know from the ongoing feedback received that there is very strong support for a growers co-operative and the inflow of subscriptions from larger growers in the last few days supports that view.''WPC wants to have at least half the strong wool clip committed to WPC.