Friday, July 1, 2022

Strong backing for CPW share structure

Central Plains Water received strong backing last week from farmers attending a meeting to agree the share structure and construction approvals necessary for first stage construction to begin.

More than 200 shareholders attended the July 25 meeting, along with Selwyn District Mayor Kelvin Coe and Primary Industries Ministry representative Kevin Steel.

The meeting voted unanimously to proceed with construction of the irrigation scheme with only one shareholder voting against the proposed share structure.

“The attendance and support level was outstanding and while not unexpected, it was a huge endorsement of the future confidence in the project,” CPW chief executive Derek Crombie said.

“The message to the board and management from the meeting was to proceed with the full scheme quickly.

“This decision means that irrigation of the Central Canterbury area has moved to reality and a start on construction can be planned for early 2014,” he said.

CPW will now prepare a prospectus to raise the shareholder equity to build the 20,000ha Stage 1 of the scheme.

Crombie said Shareholder Cluster Group meetings will be held over the next month to explain the details of the share process, water user agreement, nutrient management programme and scheme construction programme.

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