NZ's Waikato Innovation Park looking for capital
Waikato Innovation Park is capital hunting after a deal with Eden Agri Capital to take a 50 per cent stake in the economic development incubator for $13.2 million ran over its time limit it was reported today on www.stuff.co.nz and in numerous other New Zealand sources.
The park is located on 17 hectares near the University of Waikato. Nineteen further buildings are planned and the capital was needed for expansion plans. The existing operations of the Innovation Park do not seem to be in any jeopardy and management says the park is full. The main consequence is that planned growth won't occur until an investment deal is closed.
Under a deal signed in May last year the Innovation Park planned to issue new shares to Eden for a 50 per cent interest in the park company. However, the agreement, which was supposed to have been consummated in March and had been extended to June, has now expired without Eden having invested. A joint statement today blamed the "current investment climate" for Eden being unable to invest in time. Both parties have indicated they will continue to try to reach a deal. The Park is apparently also looking for other investors and may consider less ambitious growth plans.
Waikato Innovation Park is owned 80.2 per cent by an economic development trust and 19.8 per cent by the Hamilton City Council.
for more information http://www.stuff.co.nz/business/industries/7346882/Waikato-incubator-nee..., http://www.voxy.co.nz/business/waikato-innovation-park-continues-efforts..., and http://www.innovationwaikato.co.nz/