Wool Equities invites investors

Rural investment company Wool Equities is to open its share register to the general public.

Previously, only sheep farmers could own shares in the company, formed when the disbanded Wool Board redistributed its assets two years ago. At its annual meeting in Gore last week, shareholders agreed to open it to anyone.

But the restriction of a 5 per cent maximum shareholding by any individual would remain.

Restricting who can own shares was seen as hindering the company's share price, which trades on the New Zealand Stock Exchange alternative board.

Recent trades have been at about 60c.

Wool Equities owns or has shares in several companies which are developing new products and uses for wool and new technology for sheep farming, but it has not yet been able to generate significant revenues from the research.

Scientists at the company have said the products are promising but require more time to commercialise than the two years since the company was set up.

The companies include Keratec, which is looking for new materials from wool; Canesis, which is involved in wool and textile research; Smart Textiles, which is developing and commercialising fabric switching and pressure-sensing technology; and the New Zealand Wool Testing Authority and biotechnology company Ovita.

- NZPA