CANADA: Andres Wines share plans passed
Investors in Canadian wine producer Andres Wines have approved on a change to the company's share structure.
Andres Wines said yesterday (21 September) that shareholders had approved a plan to provide for a three-for-one split of the company's Class A and Class B shares. The company hopes the plan will give more scope for potential investors to be come shareholders in the company.
Shareholders also cleared a plan to change the company's name to Andrew Peller Ltd. The company said the move reflected its "significant growth" over the last two years and its expanding stable of "well-known premium brands".
President and CEO John Peller said: "The new name and corporate identity also honours the entrepreneurial spirit of the Company's founder, Andrew Peller. The Canadian wine business has never looked brighter, and our new name reflects our ambition to continue to grow and deliver enhanced value to our shareholders."
Last month, the company saw the acquisitions of Cascadia Brands, Thirty Bench Winery and Red Rooster Winery drive a rise in first-quarter earnings and sales.
Net earnings for the three months to 30 June were up 20% to C$2.4m (US$2.1m). Sales for the first quarter of fiscal 2007 rose 17.7% to C$55.1m.
Canadian wine group Andrew Peller has seen quarterly sales and earnings rise thanks to first-time contributions from new products....
A former employee at Canadian wine group Andrew Peller has been charged with siphoning off C$7.4m (US$6.3m) of the company's money into her own accounts over 11 years....
Canadian wine group Andrew Peller has posted a 10% rise in sales during its first half of the year....
Canadian icewine brand Peller Estates has appointed Peter Ayling Associates as its distributor for the European and Middle Eastern duty-free and travel-retail markets....
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