Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Waipara Hills Offers Convertible Shares

Waipara Hills Offers Convertible Shares


NEWS RELEASE 23 DECEMBER 2003

Waipara Hills Offers Convertible Shares

The directors of Waipara Hills Wine Estate Limited report that existing shareholders and their associates have subscribed for over 700,000 convertible preference shares in the company.

The company issued a Prospectus and Investment Statement on 17 November 2003 for the issue of 1,300,000 convertible preference shares which carry a gross dividend rate of 9.75% per annum.

These shares will convert into ordinary shares in the company on 31 March 2007 at the rate of 130 ordinary shares for $100 of subscription moneys.

The company has the right to extend the conversion date to 31 March 2009 and if it does so the conversion rate increases to 135 shares. The chairman, Mr Syd Bradley said the response to the issue from existing shareholders and their associates was pleasing.

"Under the terms of the offer the shares are now being offered to the public and we look forward to their participation in the company," Mr Bradley said. Waipara Hills Wine Estate was formed in 2001 by Christchurch businessmen who recognised the international demand for premium New Zealand wines and had a vision of creating a flagship wine-producing business.

The same year Waipara Hills completed an initial public offer which raised $2,937,500. Subsequently the company has produced many premium award-winning wines and gained national and international recognition as a producer of top New Zealand wines.

Among the prestigious awards received have been a trophy and gold medals for its 2002 and 2003 vintages of Canterbury/Marlborough Riesling, three gold medals for its 2003 Marlborough Sauvignon Blanc and gold for its 2001 Reserve Pinot Noir.

Commenting on the public issue, Mr Bradley said the convertible preference shares presented an opportunity for prospective investors in the wine industry to get an immediate return while at the same time participating directly in the growth and development of the company.

"The return is attractive, as currently the company has no term debt and our trophy and gold medal list is exceptional. Also subscribers for 2,500 or more shares qualify as members of the company¹s wine club and receive enhanced privileges when purchasing wine and other products from the company," he said.

The gross dividend of 9.75% per annum is payable quarterly and the issue closes for public subscription at 5.00 pm on Friday 23 January 2004. Copies of the Prospectus and Investment Statement are available directly from the company or from any NZX Firm.

-ends-


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Budget Policy Statement: 'Wellbeing Of NZers At The Heart Of Budget Priorities'

“We want a wellbeing focus to drive the decisions we make about Government policies and Budget initiatives. This means looking beyond traditional measures - such as GDP - to a wider set of indicators of success,” Grant Robertson said. More>>

ALSO:

Short Of 2017 Record: Insurers Pay $226m Over Extreme Weather

Insurers have spent more than $226 million this year helping customers recover from extreme weather, according to data from the Insurance Council of NZ (ICNZ). More>>

Environment Commissioner: Transparent Overseer Needed To Regulate Water Quality

Overseer was originally developed as a farm management tool to calculate nutrient loss but is increasingly being used by councils in regulation... “Confidence in Overseer can only be improved by opening up its workings to greater scrutiny.” More>>

ALSO:

Deal Now Reached: Air NZ Workers Vote To Strike

Last week union members voted overwhelmingly in favour of industrial action in response to the company’s low offer and requests for cuts to sick leave and overtime. More>>

ALSO: