Walnut growers will be able to buy shares in Walnuts NZ Co-op once the Board sends out the Product Disclosure Statement (PDS) that we are currently preparing.
PDS is the new name (and new format) for what used to be called a Prospectus. It tells you all about Walnuts NZ Co-op, and how the share structure works, and includes an application form for you to fill in with your share application. When we send out the PDS, we will also send out a statement of your maximum walnut supply to date, so that you will know how many shares you need to buy.
We now have the PDS to the stage of a final draft, and it is currently undergoing legal review.
There will be some technical details we need to finalise, and then it will be checked by the Financial Markets Authority. After that, we will publish it on-line, and we will also be in contact by post.
In the meantime, the directors have already purchased their required numbers of shares in Walnuts NZ Co-op (based on their maximum supply to date). This is so the new company has sufficient funds to get started with, until the PDS can be made available to all supplying growers. Shares are being issued at $2.75 per share. Share purchases by the directors total over 55,000, equating to an investment of over $150,000 in the new co-op.