AUSTRALIA: Cabonne to raise $22m for expansion
The Australian winemaker Cabonne Ltd announced yesterday that it was looking to raise over A$22m to help drive its expansion as demand for its wines grew in the US and UK markets. The group is transforming itself from a bulk winemaker into a super premium producer and is also changing its name to Reynolds Wines. It is now turning to the stock market to raise the money via a rights issue and a placement of cumulative converting preference shares.
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