Windflow offer will close early

21 June 2001

The Windflow Technology share offer will close next Tuesday, June 26, ten days ahead of schedule. The Christchurch-based company plans to raise a minimum of $2m to establish local wind turbine manufacturing.

"We are very encouraged to have reached 56% of the minimum required for the company to proceed, and we are in discussions with substantial investors to achieve our target", said Geoff Henderson, Chief Executive, Windflow Technology Ltd. "However we are bitterly disappointed that we have received advice from the Companies Office so late in the process requiring us to close the offer ahead of schedule."

"Many people have asked for Investment Statements since we extended our offer three weeks ago. We ask them to act urgently to make their investment before the revised closing date."

So far 200 investors have invested just over $1.1m in the Company's offer. High-profile environmentalists like Teddy Goldsmith from the UK and all the NZ Green MP's (through their super fund) have made a public endorsement of the Company by investing in recent weeks.

"Interest has been heightened by the current furore over electricity price hikes that highlight the need for alternatives such as wind power." said Mr Henderson.

"And our 10-year power purchase contract with the Christchurch City Council and connection agreement with Orion NZ give the Company price certainty at about 5.8 c/kWh for its first wind turbine."