Wool Partners Co-operative chairman Jeff Grant says it's time growers took control of their wool.
``For far too long others in this industry have delivered returns to their own investors and shareholders at the expense of growers,'' Mr Grant said.
Not surprisingly, those vested interests were now campaigning to maintain their position, he said.
But he was confident that the cooperative would be able to muster the share capital needed to float the cooperative: it has so far raised $35m and has extended to February 16 the December deadline to reach the target of $65m.
``There is determined support for a grower-owned co-operative in the strong wool industry,'' he said.
An amended prospectus is being mailed to farmers today, with a key change to the terms of the offer to ease the payment growers will be required to make this year.
Growers will be able to subscribe for shares with a single payment of 20c/kg of greasy wool this year, followed by four annual payments of 20c/kg from 2012. There is an option for this year's subscription instalment to be deducted from wool receipts in the period March 1 to May 31.
The co-operative plans to begin operations on April 1 and will complete the purchase of selected operating assets from Wool Partners International on that date, including Wools of New Zealand and its brands.
The float target is still $65m -- equivalent to supply of 65 million kilograms of greasy wool -- but directors will consider starting off with a lower figure, of not less than 55 million shares.
Farmers committed in principle to a grower-owned co-operative but who had not yet subscribed needed to apply now, Mr Grant said: ``The opportunity to do so may never arise again''.
If the wool co-operative was up and running in the early part of autumn, it's operations were likely to encourage farmers to then turn their minds ``much more aggressively'' to what path the meat industry should take.
Co-op calls for farmers to take control of their wool
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