Primary Wool Co-operative Ltd is a 100% farmer-owned co-operative, committed to capturing the real value of wool, returning profits to members and supporting industry-good initiatives.
On 5 February 2014, as has been widely reported, the Boards of Wool Equities Ltd and Primary Wool Co-operative Ltd met to discuss the proposed unity of the two entities, for the benefit of shareholders and the wider New Zealand wool industry.
Since then additional meetings have occurred; legal, financial and industry advisers have been consulted and visits have been made to Wool Equities Ltd manufacturing subsidiary and associate.
Based on the information supplied to it and after serious consideration, the Board of Primary Wool Co-operative Ltd reluctantly concluded that the investment required and the level of security available meant the Board was unable to recommend an investment in Wool Equities Ltd to its 1100 member shareholders at this time.
Chairman Bay de Lautour says “We consider that uniting the wool industry is important and are disappointed that we are unable to have the Primary Wool Co-operative Ltd and Wool Equities Ltd shareholders working together to promote wool at this stage.”
Primary Wool Co-operative Ltd remains committed to unifying the New Zealand wool industry and will continue to look for opportunities to do this.
About Primary Wool Co-operative Limited (PWC)
Primary Wool Co-operative Limited (PWC) was formed by a group of local farmers in 1974 to increase the returns for wool growers. Over the ensuing decades, membership has grown to over 1,100 and significant investment and involvement has been made in the NZ wool industry. The proven grower owned and controlled co-operative structure remains paramount.
PWC holds a 50% shareholding in Elders Primary Wool (EPW) and two PWC Directors sit on the EPW Board to actively represent the interests of Co-operative members. International market access through the marketing initiatives of EPW under the Just Shorn™ brand direct to the lucrative American consumer market will help to continue the objectives that were present at the Co-operative’s inception – increased returns for wool growers.
Co-operative membership delivers significant benefits to wool growers. Members currently get a reduction on charges as well as increased prices for quality wool and a share in the profits of Elders Primary Wool.
To learn more about Primary Wool Co-operative please contact:
Bay de Lautour
Chairman, Primary Wool Co-operative Ltd
027 492 8908