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

 


Foley Family Wines plans to move to NZX main board

Foley Family Wines plans to move to NZX main board following takeover, placement

By Tina Morrison

June 25 (BusinessDesk) - Foley Family Wines, which is majority owned by American businessman and vineyard owner Bill Foley, plans to step up to the main board of the New Zealand stock exchange following its takeover of Martinborough Vineyards and the sale of $10 million of shares to institutional investors.

The company, which has two wineries in Marlborough and two in Martinborough, as well as links to wine distributor Eurovintage, restaurateur Nourish Group and luxury lodge Wharekauhau though Foley's private company, has a market capitalisation of about $63 million on the stock exchange's AX market for smaller companies. Its takeover offer for Martinborough Vineyards has just been declared unconditional, it said in a statement to the exchange today.

"With Foley Family Wines' increased capital and shareholder base, it now intends to pursue a move from the NZAX to the NZX Main Board in the short to medium term," the Marlborough-based company said in a statement. The timing is yet to be determined, it said.

The wine company, which owns the Te Kairanga, Vavasour, Grove Mill, Sanctuary, Goldwater and Dashwood wine brands as well as Lighthouse Gin, sold 7,092,199 shares through an overnight bookbuild to institutional investors at $1.41 apiece, the company said today. The stock rose 3.5 percent to $1.50.

The funds raised will be used to repay $5 million of debt linked to the Martinborough Vineyard acquisition, the company said in presentation notes provided to the exchange. Of the remaining funds, $2 million will go towards investment in Grove Mill bottling warehouse facilities, $1 million for a new barrel room and winery upgrade at Te Kairanga and $2 million set aside for further investment opportunities, the company said.

Foley Family Wines said its 2014 vintage increased 19.4 percent to 6,807 tonnes from the year earlier, with a high quality harvest as it beat the rain.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Fruit & Veg Crackdown: Auckland Fruit Fly Find Under Investigation

The Ministry for Primary Industries (MPI) is investigating a find of a single male Queensland fruit fly in a surveillance trap in the Auckland suburb of Grey Lynn... MPI has placed legal controls on the movement of fruit and some vegetables outside of a defined circular area which extends 1.5km from where the fly was trapped in Grey Lynn. More>>

ALSO:

Scoop Business: Westpac NZ Reaches $2.97M Swaps Settlement

Westpac Banking Corp’s New Zealand unit has agreed to pay $2.97 million in a settlement with the Commerce Commission over the way the bank sold interest rate swaps to farmers between 2005 and 2012. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news