Wool Equities changes

The chairman of Wool Equities has indicated big changes ahead after it reported its June year net loss narrowed to $1.91 million from a $2.72 million loss a year earlier.

The board would propose a structural change that would "protect assets and create an appropriate structure to enable their value to be enhanced", said chairman Andy Pearce.

It would split the company into two separate vehicles - biotechnology and commercial development of the wool industry. That would allow capital raising in the biotechnology business while protecting the historic Wool Board tax losses, he said.