Vast majority of NZ Windfarms shareholders take up options

NZ Windfarms said today 85.7 per cent of the options issued as part of last year's Initial Public Offering were taken up.

Chairman Derek Walker said the company was very pleased with the level of uptake which raised around $3.6 million.

"This is an endorsement that the company has delivered on its first year objectives."

With the exercise of the options NZ Windfarms now has 10.3 million shares on issue.

The company is jointly developing an $80 million, 97 turbine wind farm on 243 hectares of land in the Tararua Ranges in Manawatu.

Last month it conditionally signed a joint venture agreement with Australia's Babcock and Brown and National Power to develop the wind farm.

NZ Windfarms, a spin-off of listed turbine manufacturer Windflow Technology, listed on the NZAX alternative exchange in December last year. Its shares last traded at $1.26.

- NZPA