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NZ Woolscour Holdings buys shares in Cavalier Wool Holdings

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Woolscour Holdings bought 70% of shares in the only scour operator, Cavalier Wool Holdings, which has scour plants at Napier and Timaru. Australian-based Lempriere, part-owned in China, retains a 30% stake.

Ferrier has bought 15% of CWH from Lempriere, 27.5% from Cavalier Corporation, 13.75% from ACC and 13.75% from private-equity group Direct Capital.

According to a release by NZX, Cavalier sold its 27.5% stake for $11m, as part of a $28m price paid by the Ferrier interests for the 70% stake. As well, Cavalier owns 50% of a property leased to the scour business. ACC and Direct Capital owned the balance of the land. The price paid for the property was $3m. Cavalier said its total cash return was $13.5m.

The Cavalier stake had a June 30 book value of $25.3m so the $11.8m discount is an interesting figure given how long the parties had been talking.  Cavalier Wool Scours is now known as NZ Wool Scouring and former Cavalier Scours chief executive Nigel Hales is the chief executive of the new business. Tony Cunningham has accepted the role of Chief Operating Officer in the new structure.

‘We are both very happy to be back and look forward to being part of New Zealand Woolscouring Ltd again’, says Nigel Hales. ‘Our plan is to focus on the business and again lift the quality of the scoured product and our service to new levels. We believe that we are cost competitive and can provide an advantage to anyone whom is considering processing New Zealand Wools’.

As well as the main Awatoto plant, NZ Wool Scouring will upgrade the group’s Clive plant to be a more effective peak period scourer.

Source: NZ FarmersWeekly and NZ Wool Scouring

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