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New Zealand

New Zealand

Windflow turbine development venture woos potential investors

Potential investors at three meetings in Auckland, Wellington and Christchurch responded favourably to a share offering released by Windflow Technology Ltd, which is seeking money for the first phase of a two-stage equity development designed to support the construction and market development of the Windflow turbine. The turbine makes use of patented technology to reduce fatigue loads; the concepts have been developed by Windflow director and engineer Geoff Henderson. Around 130 people, ranging from enthusiastic environmentalists to hard-nosed financial analysts, attended the meetings. According to Henderson, subscriptions to the two million shares have been coming in, mainly from people "with an environmental bent." The country's Green Party has been discussing supporting the venture through investment and both Green and Labour politicians have voiced support. Interest has been international in scope, with noted UK environmentalist Teddy Goldsmith, editor of The Ecologist, investing. Henderson also got supportive coverage from the local business media, gaining credit from the influential Headliner business publication for the detailed risk discussion and financial analysis provided in the offer documents. "You've got to answer those questions properly," Henderson notes. Minimum investment is NZ$3000. For the share offer to proceed, 1.35 million of the two million shares need to be taken up. The offered was due to close on June 1.

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