Farmers to vote on open register

Directors of farmer-owned technology company Wool Equities are recommending the share register be opened to the general public later this year.

Wool Equities owns stakes in Canesis and Keratec - companies that evolved from the former Wool Research Organisation of New Zealand. They have developed wool protein products for use in shampoos and cosmetics and "wearable electronics" - woollen fibres that can conduct electricity.

The company has had a closed - farmer only - share register since it first listed in 2003.

But shareholders will vote later this year on whether to open the register to the public. They will also vote on whether to retain a 5 per cent ownership cap for any one shareholder.

Chairman Richard Bentley said directors would recommend that shareholders open the register but retain the cap.

The vote must be held by November.

Yesterday, the company reported a full-year loss of $7.2 million for the year to June 30.

Bentley said continued investment in new product research and market development contributed to the loss.

The year had also been marked by the further shaping of the Wool Equities investment portfolio.

Nearly $5 million had been spent lifting its stake in Canesis from 33.5 to 74.9 per cent.

That acquisition provided the company with a "core science capability and a basis for the long-term sustainability", Bentley said.

Keratec - which contributed a $2.76 million loss - had also made good progress in developing its product range.

And it had taken steps towards bringing forward new products and developing partnerships.