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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news