New Zealand represents a large potential market for FertAg 0-8-0 as many areas have soils that are suffering from mineral and phosphate depletion.
Additional funds from share options exercise
Fertoz’s all non-executive directors have exercised their 18 cents options, totalling $82,607.
The options expire on 29 September, and to date, a number of shareholders have also exercised their 18 cents options.
This provides the company with additional funds to facilitate deliveries of the product prior to winter in North America.
Fertoz executive chairman Patrick Avery stated: “The support by our shareholders is very encouraging. It is clear that a number of investors can see the growth potential of Fertoz, not only in North America, but in Australia and now New Zealand.
“I have offered, and the board has accepted, a voluntary escrow on the performance shares that shareholders voted to issue to me in the recent extraordinary general meeting.
“I think this is warranted in view of the great support of our shareholders, and it highlights the faith I have in meeting our targeted 30,000 to 50,000 tonnes of sales in CY19.
“We have just finalised audited financial statements for the year ended 30 June 2018 and I’d like to take this opportunity to thank Les Szonyi and his FertAg team for their exceptional performance in drought conditions.”
FertAg 0-8-0 with good growth in drought conditions compared to neighbouring property
Avery added: “FertAg returned an EBIT of $110K for the year, and with the expansion into Western Australia and New Zealand underway, and now our first sales into New Zealand, we believe next year will be even better.
“Hopefully, the drought will break as well, and that will add to new and repeat orders for Les and his team.”