Entries by John

Water Agreement updated

The BCI Water Agreement has been updated to reflect the 100% irrigator ownership of the irrigation scheme.  Further changes to the agreement are required as part of the bank facility to take 100% control of the scheme, and these will be presented to shareholders in the next few months. A copy of the new agreement is […]

JV buyout completed

The irrigator shareholders of BCI Limited have taken 100% control of the BCI irrigation scheme following settlement of the JV buyout at the end of September.  This follows a successful capital raise to fund the purchase of the share of the business previously held by local lines company EA Networks. The Board of BCI have acknowledged the […]

Capital raise highly successful

Existing shareholders of Barrhill Chertsey Irrigation Limited (BCIL) have committed over $25 million dollars to enable the irrigator co-operative to take 100% control of the BCI Scheme.  Subject to meeting a number of other conditions, the company will purchase the 50% share of the joint venture, currently held by EA Networks, on 29 September 2017. […]

Annual Meeting Notified

The Annual Meeting of Barrhill Chertsey Irrigation Limited will be held 7.30pm on Tuesday 22nd August, Methven Heritage Centre, Main Road, Methven. Shareholders have had preliminary notification of the meeting and nominations for Directors have been called for. The results of the joint venture buyout capital raise process, which closes the day prior, will be announced at the annual meeting.

Capital raise under way

Today Barrhill Chertsey Irrigation Limited lodged a Product Disclosure Statement (PDS) with the Companies Office to enable the company to raise capital from existing irrigator shareholders to take 100% control of the Barrhill Chertsey Irrigation Scheme. The capital raise has a closing date of Monday 21 August 2017, and the Company must receive minimum subscriptions totalling $17,692,500 by that date.  […]

Shareholders approve JV buyout

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 […]

Stage Two Progressing

Following a successful capital raising in late 2014 the stage two expansion project is under way.  The project will deliver around 1.2 cumecs to properties in the area between Barrhill and Dromore. Infrastructure includes a new intake from the Rakaia River near Barrhill, a pumped line to the Barrhill area, and a gravity delivery line to […]

Prospectus Registered

Today BCI Limited registered a prospectus to allow applications for shares and new water connections over the entire BCI network.  The capital raised will be invested in the joint venture with EA Networks which will install infrastructure to accommodate the new connections. The prospectus closes on 30 June 2015 but it should be noted that timing of […]

Water Agreement Updated

A new version of the BCI water agreement has been published today.  The changes to the agreement are set out below; Modified clause 2.1 and removed 2.2 to reflect that the scheme is operating and no longer requires preconditions around meeting minimum uptake and forming a joint venture. Added clause 3.5 to provide that the […]