Embattled Windflow Technology may have to tap again its expat Kiwi investor for more capital to survive.
Whether ex-Wellington and Windflow investor David Isles, who lives in New York, needs to inject capital or lend more money to Windflow depends on how many wind turbines the Christchurch manufacturing firm manages to sell in its target United Kingdom market.
On the sales front progress has been very slow in the past three years and the company has had to raise capital several times to stay afloat, with Isles the main contributor.
Yesterday Windflow forecast a $4.4 million loss for the year to June 30 2014, after posting a half-year loss of $2.8m for the six months to December 31, 2013.
The half year loss was almost 50 per cent higher than the previous half year of $1.9m.
It shares were steady at 6c with no trades yesterday.
Green Party energy spokesperson and co-leader, Jeanette Fitzsimons, and the Green Party’s Superannuation Fund have joined the growing list of investors in local wind power company Windflow Technology. …
“Our superannuation fund has a policy of ethical investing. Windflow Technology fits with our policy because it brings together local manufacturing and sustainable energy. As such, it is quite a unique investment opportunity in New Zealand and we are pleased to be able to invest at this early stage.”
British environmentalist and investor, Teddy Goldsmith, is the company’s largest investor so far.
Windflow Technology is offering two million shares at $1.50 each. The offer closes 1st June.
So the shares have lost 96% of their value. No wonder the Greens keep pushing policies to favour wind power.
I don’t mind the Greens losing money in sharemarket investments, but be aware they want the NZ Government to invest millions or billions in what they call green jobs, green growth, green tech.
So when the Greens go on about investing in green jobs, what they really mean is losing 96% of your money.
UPDATE: Kevin Hague says the Greens Super Fund was wound up in 2009. Useful to know, but doesn’t change the fact that this was an investment they trumpeted as sound – and is the sort they insist that the NZ Government should be making.