A Special Meeting of BCIL shareholders was held 16 May 2017 to consider resolutions in relation to a proposal to take 100% control of the BCI Scheme. The meeting was well attended and overwhelmingly supported the Board progressing the proposal to buy out the Electricity Ashburton Limited 50% share of the irrigation scheme.
Electricity Ashburton Limited was instrumental in the establishment and subsequent expansion of the scheme providing equity, governance expertise, and commercial discipline. A recent review of the joint venture arrangements provided an opportunity for irrigators to consider if they would support the buyout.
BCIL will now prepare a Product Disclosure Statement to present to shareholders inviting investment of new capital to enable the buyout to transact.