UK: Dromana Estate hits the AIM
Dromana Estate has started trading on the Alternative Investment Market in London. The producer and marketer of premium and ultra premium Australian wine will have a market capitalisation of £3m at the placing price.
The company has raised gross funds of £600,000 by way of a placing of 5,454,545 new ordinary shares of an average of 11 pence per share.
The number of ordinary shares in issue immediately following admission is 26,870,524 ordinary shares.
Dromana said it is in a recovery phase having spent two years restructuring the company. The strong Australian dollar, combined with poorly performing Australian distributors, has impacted on its profitability, Dromana said.
The proceeds will be used to increase working capital, repay debt and to assist in further increasing sales both domestically and internationally, especially in the UK, one of the company's largest export markets.
Dromana is also listed on the Australian Stock Exchange (ASX).
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