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Tyndall and AMP Capital Investors build NZ Windfarms stakes further

Tuesday 4th May 2010

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Fund managers Tyndall Investment and AMP Capital Investors now own almost 30% of New Zealand Windfarms Ltd after both announcing further stake-building in substantial security holder notices lodged with the NZX today.

NZ Windfarms shares rose 3.85% to 27 cents in trading today as the company emerges from a troubled period of negative cashflow and supplier disputes which saw it trade under a fundamental uncertainty warning.  The NZX-listed share has oscillated between a low of 16 cents and a high of 53 cents in the last year.

Pressure eased when the company announced a week ago that it had secured sufficient support for its $31.4 million capital-raising, which will allow it to complete the Te Rere Hau windfarm in the Manawatu, including extension onto a new, higher quality wind site.

AMP Capital Investors announced it had raised its holding from 11.87%, notified in May last year, to 13.46%, while Tyndall subsidiary Suncorp has raised its holding in Windfarms to 15.84% from 11.52% a month ago and 8.2% in March 2009, giving the two a combined holding in the company of 29.3%.

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