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 support of EA Networks over the last eight years, and look forward to continuing to provide sound strategic direction to the company under full irrigator ownership.

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.

In July BCIL lodged a Product Disclosure Statement with the Companies Office which had a minimum capital raise of $17,692,500 to enable the joint venture buyout to proceed.  The commitment from shareholders exceeded that minimum and represents support from 80% of the irrigating shareholding.

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.  If all existing shareholders contribute at the share standard a total of $33,761,000 will be raised.

The funds will be used to purchase the share of the joint venture irrigation infrastructure business which is currently held by local electricity lines cooperative EA Networks.  EA Networks were instrumental in the establishment of the scheme in 2010 and have supported its significant subsequent growth.

Those irrigator shareholders who invest under this offer will receive a return in the form of reduced annual water charges.  You can read the PDS through the link below.

Product Disclosure Statement

 

 

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 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.