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.