More generally, the company's preliminary annual review, released to the NZX yesterday, says it already has significant interest from potential purchasers of licences for its intellectual property, even before a formal sale process is entered into.
Since balance date, it has also sold $900,000 of spare parts to New Zealand Windfarms, operator of the Te Rere Hau development, with some further revenue as more spares arrive from suppliers.
This tight cash position underlined the need for an immediate capital raising, said managing director Geoff Henderson.
Accordingly, directors will from today offer existing shareholders one-off parcels of 30,000 shares at 50c each, up to 30 per cent of the issued capital of the company.
The capital raising could provide $2.35 million should 160 shareholders take up their full $15,000 entitlement, the Windflow documents say - 17 per cent of the shareholder base compared with the 38 per cent who participated in the last capital raising in late 2010.
The loss for the year was in part because of higher-than-expected costs for maintenance on the Te Rere Hau machines.
