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December 12, 2002 Invercargill-based equity investment and debt funding company Invest South Ltd, has provided equity and debt funding to Tapanui based tulip bulb and cut flower exporter Tulip International Limited. As a consequence, Invest South has acquired a 33.33% shareholder interest in Tulip International. Invest South has appointed two directors to the new Tulip International Board. They are former Member of Parliament Jeff Grant of Balfour, who is also a director of Invest South, and Carl Spruyt of Dunedin. Mr Grant has also been appointed Chairman of Tulip International. Invest South's latest investment follows the equity divestment of its 27% shareholding in Gore-based lily bulb exporter Southern Flora NZ Ltd, earlier this year. Invest South chief executive David Backhurst considers that his company's investment will strengthen Tulip International to the extent that further growth of the company's horticultural operations will be possible, and as a result, assist economic development in the West Otago region. "Tulip International has expanded rapidly over the past few years, and has established itself a very positive reputation in overseas markets for both quality and consistency of product". "Invest South is very pleased to be involved in a company that makes a tangible economic contribution to its area". Invest South has experienced a very active year with several successful equity divestments of former investee companies being achieved. In addition, the investment company has made further equity investments in other local businesses, and continued to grow its debt funding assets. The Community Trust of Southland, presently a 50% shareholder in Invest South, has agreed to inject a further $5 million share capital into Invest South to augment further growth opportunities. Mr Backhurst advised that there were several other investment transactions and opportunities for Invest South pending. End. For further details, please contact David Backhurst Mr Klaas Smak |
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