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 the Chertsey and Dromore areas.  A hydro generator will also be installed in the river infrastructure.  Around 64km of pipe will be installed with a target completion date in September 2015.

Work has commenced in the Rakaia riverbed and April will see the first pipes installed in the project.

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 installation of new connections will be prioritised based on timing of applications under the prospectus.  The joint venture has a large number of new connections to make including the stage two expansion project which is under way, and only 2 cumecs of water is available under the prospectus.

Prospectus documentation is attached to the BCI Limited page.