Central Plains Water shareholders committed to capital raising up to $56 mln

Mon, 20 May 2013

May 21 (BusinessDesk) – Shareholders of Central Plains Water, set up to draw water for irrigation from Canterbury’s Rakaia and Waimakiriri rivers, have indicated their commitment to the equity component of a looming $140 million capital raising. The equity component hasn’t yet been finalised but is likely to be 30 percent to 40 percent of the total, said chief executive Derek Crombie. That means shareholders would be tapped for up to $56 million. The company expects to lodge a prospectus by the end of June. “We’ve approached all the shareho...

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