Waimea Irrigators extend share sale deadline by two weeks

Waimea Irrigators Limited (WIL) has extended their offer on water shares for two more weeks.

Originally intending to close offers last Thursday, WIL announced on Friday that tenders would stay open a further two weeks.

Board member Julian Raine said in a statement that the the board had received ‘‘enough feedback’’ from landowners that people needed ‘‘more time to consider the offer’’.

‘‘The reality is, six weeks wasn’t enough time for people,’’ Raine said. ‘‘It’s understandable that they have a serious decision to make and they need to wrestle with a lot of information.’’

Raine said there were some common confusions among potential shareholders which needed more time to clear up. He said the two week extension was ‘‘common in an initial financial offer’’.

WIL had aimed to have 3000 shares sold at $5500 with estimates of $600 in annual fees per share.

The money from the sale of shares is needed to cover part of WIL’s portion of funding for the Waimea Dam, which amounts in total to $38.6 million.

The WIL statement said applications for the water share offer had been ‘‘increasing significantly’’ in the past few weeks, but did not say how many shares had been sold.

WIL is seeking a commitment of 3000 shares to enable it to move forward to fund its $38.6 million portion of the Dam. It is entering into a partnership with Tasman District Council to build and operate the dam as the most costeffective, long-term water storage solution for irrigators on the Waimea Plains and urban residents.

WIL will be going into partnership with the council for the build- ing and operating of the controversial Waimea Dam project.

Raine said that the extension would have no impact on the dam timeline.

‘‘It’s clear we all want the same things: security of water supply, productive and valuable land, and a legacy for our families.

‘‘Allowing a bit more time is the least we can do.’’