Namoi Cotton Co-operative Ltd. : Namoi Cotton Market Update - Capital Raising (44 Kb)
07/17/2012| 03:53am US/Eastern
17 July 2012
Namoi Cotton Market Update - Capital Raising
Namoi Cotton has now completed the first stage of its plan to
recapitalise its balance sheet through a capital injection
from a cornerstone investor.
The proposed capital injection is expected to provide Namoi
Cotton with financial, operational and strategic benefits as
the business moves into a period underpinned by enhanced
water security, increased production and continued support
from its longstanding grower relationships.
The capital raising process has progressed in accordance with
Namoi Cotton's expectations. A number of interested parties
received an Information Memorandum during the initial stages
of this process. An encouraging number of those parties have
now requested the opportunity to conduct further due
diligence on Namoi Cotton.
The Namoi Cotton Board has determined that certain parties
will be short listed and in turn provided with access to an
electronic data room, conduct operational site visits and
receive management presentations in coming weeks with
potential for these parties to provide final offers in due
Namoi Cotton is anticipating completion of a recapitalisation
transaction during its financial year ending February 2013.
However, there can be no certainty that definitive agreements
will be entered into or that a transaction will be
consummated. Namoi Cotton will continue to advise the market
as progress is made.
For further information, please contact: Namoi Cotton
Co-operative Limited Jeremy Callachor
Chief Executive Officer
(07) 4631 6104