Kiwifruit Int share issue has yet to fill

WELLINGTON - Over $1 million worth of shares in a new company crucial to the future of New Zealand's kiwifruit industry have not been taken up by the orchardists entitled to them.

Shares totalling $5 million were offered last month in venture capital provider Kiwifruit International, which will finance Zespri International's plans to sell non-New Zealand kiwifruit in overseas markets and commercialise Zespri Gold kiwifruit.

Zespri chairman, Brian Armstrong, said nearly 4 million $1 shares had been taken up in the offer, well over the 3.75 million set as the minimum subscription.

Kiwifruit International chairman, Bill Falconer, said the company's directors, in consultation with Zespri, would consider placing the shares not taken up by producers. - NZPA