BCI Limited has extended the closing date of its capital raising until 29 June 2012 to allow further applications for water and shares. Further uptake to date under the prospectus has been reasonable but more water is available.
Today Barrhill Chertsey Irrigation Limited (BCIL) registered a further prospectus to raise capital to invest in the BCI Scheme and expand the irrigator base. New Irrigator Shareholders will be offered shares in BCIL at a cost of around $3000 per litre per second, discounted by 5% if they commit by 30 January 2012. Up to 1500 litres per second of water is on offer for delivery from September 2012. Documentation is available on the BCI Ltd page of this site.
Barrhill Chertsey Irrigation Limited closed a capital raising prospectus on 30 June 2011 with interest in a further 623 litres per second of water. This brings the total new connections to the scheme to 896 litres per second for the upcomng season with continued interest in further connections.
Approaching Christmas Eve the final BCI Scheme line has been completed and water is being delivered to all customers. Installation work will continue in the new year to accommodate extensions to the original network.
After signing a contract with the Joint venture BCI Scheme Trustpower Limited had 12 months to install the pumping equipment required to deliver the first three cumecs of water to the RDR for use by BCI customers. Trustpower Limited met that contract date and delivered the first Rakaia River water on 23 December 2010. Prior to pump commissioning BCI customers demand has been met by surplus RDR water.
Shareholders on the Buccleugh Line had access to water today after the completion of that infrastructure.
Shareholders on the Highbank Line had access to water today after the completion of the final works on the pipeline and buffer pond.
Water flowed from the RDR to the first of the scheme ponds today. The Methven Line pond will be progressively filled over the next week and the pipe line should be operational by 15 Oct.
Shareholders are reminded of the annual meeting to be held 7.30pm, Tuesday 28 September, at Methven Resort, Main Street, Methven. A cash bar will follow. The audited financial statements to 31 March 2010 are posted on the capital raising page.