The Cadbury pledge drive passed the
$5 million mark yesterday, which is founder Dr Jim O’Malley’s minimum amount for moving to the next stage of his plan.
Earlier this week, Dr O’Malley said he had started the next phase in anticipation of reaching the milestone.
He is taking professional advice about how to turn the pledges into capital.
He hopes to secure third-party manufacturing rights from Mondelez and raise $20m in total.
Mondelez was initially considering four bids for the third-party manufacturing, but one bidder is understood to have dropped out.
Dr O’Malley is the only bidder to go public with his plans. It is understood the other bidders are Rainbow Confectionery, in Oamaru, and a North Island sweet-maker.
The pledge total was more than $5.1m late yesterday afternoon.
Otago Daily Times