Windfarms success

Age
Friday 11/5/2007 Page: 4

SHARES in New Zealand Windfarms rose after the company said it would raise $NZ75 million ($A66 million) in a share sale to help fund new projects. Windfarms would offer about 68 million shares at $NZ1.10 each, the Christchurch-based company said in a statement to the New Zealand stock exchange.

Vector, the nation's biggest electricity distributor, will buy 15.5 million shares, giving it a 19.9 per cent stake in the power generator. Windfarms would sell a further 5 million shares to existing investors and the remaining stock had been allocated to institutional investors that had bid for 40 per cent more stock than was available, the company said.

Shares in Windfarms rose 190 to $NZ2.14.