Following the successful capital raising and completion of commercial arrangements the BCI development has commenced .
BCI is currently finalising the pipe routes and pipe is being delivered to site with the intention of starting welding and laying later in February.
The BCI capital raising today met the minimum subscription level and the offer will now proceed and be confirmed. The Company will confirm all other arrangements early next week and hopes to notify shareholders that the development will proceed by the middle of the week.
The capital raising has been extended to allow further uptake until 29 January 2010 although programming decisions will be made on the current support and that recieved early next week. The revised Prospectus and Investment Statement is avaialbale on the Capital Raising page.
The BCI capital raising is now under way with the registration of the prospectus today. Shareholders in the catchment area will be sent the documentation over the next few days. All of the relevant information is also available on the Capital Raising page. The capital raising closes 18 Dec 2009 and has a minimum uptake of 2000 litres per second. Due to the tight timeframe for construction the shareholders are being encouraged to make their application as soon as possible and not to wait until the 18 Dec 2009.
The following letter was sent to shareholders today to update prospectus timing. The prospectus should be available in the week beginning 7 December 2009.
BCI is in the final stages of negotiating the contracts required to progress the revised development. A prospectus will be issued during November to raise capital from shareholders.
Shareholders who supported the last capital raising were asked to indicate if they continued to support the revised scheme and pricing. At this date interest has been indicated for 3,500 l/s or around 7,800 ha. This level of support will allow a further capital raising to proceed in the short term.
An Annual Meeting will be held at Methven Resort on Wednesday, 30 September at 8.00PM
A Special Meeting will be held at Methven Resort on Wednesday, 30 September at 8.30PM
The purpose of the Special Meeting is to gain shareholder support for the major transactions required to proceed with the revised capital raising and scheme development.
A meeting held in Methven on Tuesday, 15 September was well attended by approximately 60 shareholders who supported the scheme in the last capital raising and fall within the smaller scheme distribution area.
The minimum capital requirement of $33M was not met when the BCI capital raising closed 5.00pm 31 July 2009. Applications were received for a total of $18.8M in shares (3.7 cumecs or 8275ha).
A shareholders meeting held at Methven on 29 July was attended by over 120 shareholders. The meeting unanimously supported the investigation of a scaled down scheme. If suitable arrangements can be put in place a further prospectus will be released in early September.