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


Wine Company Shares Issue Fully Subscribed

News Release 3 February 2004

Wine Company Shares Issue Fully Subscribed

The Waipara Hills Wine Estate Ltd issue of $1.3 million of convertible preference shares has closed fully subscribed.

The company¹s shareholders subscribed for in excess of $700,000 of the issue before Christmas and the remaining shares have been taken up in the past month by the public.

Syd Bradley, the company chair, said the positive response will help Waipara Hills achieve critical mass as a leading producer and exporter of top quality New Zealand wines.

"We now look forward to the biggest and best harvest we have had to date from contract growers in Marlborough, Canterbury and Waipara," he said.

"Also it is timely that our major export markets in the UK, USA and Australia are experiencing increased demand for Waipara Hills wines." In the three years since its formation, Waipara Hills has won numerous accolades for its wines at national and international wine shows.

The convertible preference shares issued will convert to ordinary shares in March 2007 at the rate of 130 ordinary shares for 100 convertible preference shares. The company can extend the conversion date to March 2009, and if so, the conversion rate increases to 135 shares.

A gross dividend of 9.75% per annum is payable quarterly on the shares. Mr Bradley said this return had proved attractive to investors. Also the company has no term debt and strong earnings prospects from existing export markets and future export sales growth.

Subscribers for 2,500 or more shares also qualify for the company¹s Wine Club and receive privileges when purchasing wine.

Waipara Hills Wine Estate Limited¹s ordinary and convertible preference shares are quoted on the Unlisted Securities Market.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>


Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>