Following a successful capital raising in February 2009 BCI undertook a feasibility study of delivering three cumecs of irrigation water to new shareholders by expanding exisitng Ashburton District Council stock water races in the Rakaia Pendarves area. With positive results from the study and good shareholder support in the area the scheme was progressed later in 2009.
A partnership was formed with Rooney Earthmoving Limited (REL) and the Ashburton District Council (ADC) which would allow REL to build, own and operate the scheme until such time that the farmer shareholders wished to purchase it.
The farmer shareholders within the Acton scheme boundary formed a company, Acton Farmers Irrigation Cooperative Limited (AFIC) late in 2009. This company would be the vehicle for the ultimate purchase of the scheme from REL. Part of the arrangements will also see AFIC purchase the license rights to the three cumecs of water from BCI.
The AFIC shareholders remain shareholders of BCI and will contibute to the ongoing management and future enhancement of the BCI consent.
AFIC registered a prospectus on 26 May 2010 and issued it to prospective shareholders to raise capital to secure the water licence and prepare to buy out the scheme from REL. The prospectus documentation attached to this page is presented at the request of Acton Farmers Irrigation Cooperative Limited.
In March 2010 the first section of the Acton race enhancement is under way.
Rooney Earthmoving Limited have also completed the first scheme pond in March.