Wool exporter and processor Wool Services International (WSI) held possibly its last annual meeting in Christchurch as Australian wool merchant Lempriere Holdings progresses a $31 million takeover of the company.
WSI Holdings, an associated company of family run Lempriere Holdings, made a formal offer of $31 million or 45 cents per share to New Zealand Wool Services International shareholders in October. WSI Holdings had already secured 75 percent of WSI shares through "lock-up" agreements with the receivers of two Allan Hubbard-associated companies.
WSI Chairman Derek Kirke said, "While in some ways it is the end of an era, should the takeover proceed, it is our view this company will be even more successful with a well-resourced single owner."
"WSI Holdings have assured wool growers and the wool industry that they intend to continue to operate this company as New Zealand's only merchant wool scouring operation," concluded Kirke.
Reprinted in part from Fairfax NZ News