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Namoi Cotton gets strong investor backing for $12.2m share offer | The Land

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With the promise of far better seasons ahead, Australia’s biggest ginner Namoi Cotton has picked up a $7.2 million cash injection from institutional investors and hopes to collect as much as $5m more from its shareholders.

The flood of institutional interest has been a heartening morale boost for Namoi which was forced to dramatically cull staff and restructure its business when drought savaged cotton production in recent seasons.

After emerging from what interim chief executive officer John Stevenson described as “possibly the most challenging year” in the company’s history, and reporting a $14.4m after tax loss for 2019-20, Namoi now expects to process about 450,000 bales from this year’s much-improved 2.5m bale national crop.

The…



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