Windflow back looking for cash

By Phil Boeyen, ShareChat Business News Editor

Thursday 19th July 2001

Christchurch-based Windflow Technology is having another go at raising the capital it needs to get a wind turbine manufacturing project off the ground.

Its share offer has officially re-opened today, with the Companies Office confirming registration of its prospectus.

Windflow says the offer is essentially unchanged from its earlier offering, which raised 76% of the minimum target needed of $2.025 million.

That offering closed on June 26th, earlier than planned because of a statutory time limit.

Director and CEO, Geoff Henderson, says the updated offer documents refer to recent developments such as a contract signed with the Christchurch City Council to buy the output of the first turbine, the high wholesale power prices this winter, and the Government's draft energy strategy.

The strategy includes targets for renewable energy.

Mr Henderson says he has received overwhelming public support for the project, as people see the opportunity for a socially responsible investment.

"We look forward to completing the offer as soon as possible so that we can start building the wind turbine and the sustainable energy industry that will develop with it."

Shares in the company will not be listed.

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