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.
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.
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.
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.
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.
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.