WELCOME
Mid Canterbury has versatile soils, a favourable climate, a good water supply, an unprecedented service industry and a farming community familiar with intergenerational investments. The future prosperity of the district is undoubtedly reliant on a dependable supply of water for irrigation, and the company shares the district’s vision of being fully irrigated and self sufficient in electricity generation in the future.
BCI is a co-operative company with nearly 200 farmer shareholders from within the Mid Canterbury district. In 2001 the company was granted resource consents to take 17 cumecs of water from the Rakaia River and use it for electricity generation and irrigation in the area.
With partners Electricity Ashburton Limited, the Ashburton District Council, the Rangitata Diversion Race, and TrustPower Limited, BCI will provide Mid Canterbury farmers with their best chance yet of securing this water for the district.
John Wright, BCI chairperson.
Contacts
Barrhill Chertsey Irrigation Limited360 Barkers Road, RD 12, Rakaia, 7782
Ph: 03 3028111
Fax: 03 3028897
We welcome your comments and feedback on the BCI scheme.
Please email us with any questions you have and we will respond as quickly as possible.
This website was created with assistance from the Ministry of Agriculture's Community Irrigation Fund (CIF).
LATEST NEWS & EVENTS
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November 10 2008Last week the Environment Court released the Declaratory Judgment supporting the use of the RDR for distribution of BCI water and the water swap process. This outcome was essential for the project to move forward and was seen as very positive step.
Acton Prospectus Successful
The Acton capital raising was very successful with support for close to the maximum 3,000l/s delivery.
June 25 2010
Acton Prospectus Released
Today a prospectus was registered to raise capital for Acton Farmers Irrigation Cooperative Limited. The capital will be used to secure the licence for the BCI water and prepare to buy the scheme from the Rooney Group. Documentation is available on the Acton Development page.
May 26 2010
Open day for irrigators
BCI irrigator shareholders and pipe route effected parties have been invited to an open session at 11am, Monday 12th April, at 360 Barkers Road, Methven. Tyco and ACL are currently installing 1m pipe on the Wright property and the process can be viewed at the open session.
April 6 2010
Acton scheme construction underway
The Acton irrigation scheme construction has commenced this week. The ADC stock race expansion scheme is being funded and constructed by Rooney Earthmoving Limited and will utilise three cumecs of the BCI consented water.
February 8 2010
Pipes being delivered
Following the successful capital raising and completion of commercial arrangements the BCI development has commenced .
BCI is currently finalising the pipe routes and pipe is being delivered to site with the intention of starting welding and laying later in February.
January 15 2010
Scheme well supported
The BCI capital raising today met the minimum subscription level and the offer will now proceed and be confirmed. The Company will confirm all other arrangements early next week and hopes to notify shareholders that the development will proceed by the middle of the week.
The capital raising has been extended to allow further uptake until 29 January 2010 although programming decisions will be made on the current support and that recieved early next week. The revised Prospectus and Investment Statement is avaialbale on the Capital Raising page.
December 18 2009
Prospectus released
The BCI capital raising is now under way with the registration of the prospectus today. Shareholders in the catchment area will be sent the documentation over the next few days. All of the relevant information is also available on the Capital Raising page. The capital raising closes 18 Dec 2009 and has a minimum uptake of 2000 litres per second. Due to the tight timeframe for construction the shareholders are being encouraged to make their application as soon as possible and not to wait until the 18 Dec 2009.
December 4 2009
Shareholders prepared for prospectus
The following letter was sent to shareholders today to update prospectus timing. The prospectus should be available in the week beginning 7 December 2009.
Shareholders Letter 27 Nov 2009
November 27 2009
Capital Raising imminent
BCI is in the final stages of negotiating the contracts required to progress the revised development. A prospectus will be issued during November to raise capital from shareholders.
November 3 2009
Support for revised proposal
Shareholders who supported the last capital raising were asked to indicate if they continued to support the revised scheme and pricing. At this date interest has been indicated for 3,500 l/s or around 7,800 ha. This level of support will allow a further capital raising to proceed in the short term.
September 22 2009
Upcoming meetings
An Annual Meeting will be held at Methven Resort on Wednesday, 30 September at 8.00PM
September 16 2009
A Special Meeting will be held at Methven Resort on Wednesday, 30 September at 8.30PM
The purpose of the Special Meeting is to gain shareholder support for the major transactions required to proceed with the revised capital raising and scheme development.
September 16 2009
Shareholder Meeting supported
A meeting held in Methven on Tuesday, 15 September was well attended by approximately 60 shareholders who supported the scheme in the last capital raising and fall within the smaller scheme distribution area.
September 16 2009
Capital Raising Closes
The minimum capital requirement of $33M was not met when the BCI capital raising closed 5.00pm 31 July 2009. Applications were received for a total of $18.8M in shares (3.7 cumecs or 8275ha).
A shareholders meeting held at Methven on 29 July was attended by over 120 shareholders. The meeting unanimously supported the investigation of a scaled down scheme. If suitable arrangements can be put in place a further prospectus will be released in early September.
August 1 2009
Capital Raising Extended
Following feedback that many shareholders were still to complete their banking arrangements the BCI Board extended the capital raising until 31 July 2009. The minimum level of $33m was not met on the initial closing date of 30 June 2009.
June 30 2009
Capital Raising Under Way
The major BCI capital raising began today with the registration of the prospectus at the Companies Office. For the scheme to proceed a minimum of $33m must be raised prior to 30 June 2009. Indicative costs are $2475 per hectare capital and $495 per hectare annual charge.
June 3 2009
BCI newsletter May 2009
Water Agreement released
BCI shareholders will be required to sign up to a Water Agreement when applying for I and D water shares. This agreement will be part of the prospectus information but is also available on this website from today. Go to the Capital Raising page .
May 20 2009
Shareholder Meeting supported.
A well attended meeting was held in Methven with approximately 90 shareholders approving a new constitution for the company. The meeting also approved several major transactions required to progress the scheme.
April 27 2009
BCI video released
A video presentation of the BCI development is now available on this website. The video outlines how the scheme will integrate with existing infrastructure, how the water swap will take place and how the Ashburton Community Water trust canal can form stage two for BCI. Go to the background page.
March 10 2009
Final Prospectus on its way!
BCI is encouraging shareholders to engage with their bank managers to be in a position to support the final prospectus likely to be released in April. Pricing indications are available but final costings will be available at the conclusion of the feasibility study.
February 25 2009
Acton prospectus raises $540,000
BCI released a prospectus to those farmers who could be serviced by the Acton stock water main on Friday 30 January. The share issue closed today with applications for 1.6 cumecs of water or $540,000. Work has commenced on the feasibility of delivering water to those new shareholders.
February 20 2009
Share issue over subscribed
The BCI share issue closed 5.00pm 25 November. Applications received were over $1m above the maximum of $2.67m. The BCI board has allocated the shares and notified applicants of their allocation.
December 2 2008
Declaratory Judgment released
