AUS: Dromana reveals results of share issue
Australian wine producer Dromana Estate has revealed that its share rights issue raised A$1.27m (US$905,000).
The share offer, which closed on 20 March, was intended to raise A$1.5m but only received an acceptance level of 81.13%. Dromana said it was in talks with "several parties" over placing the shortfall of around 4.2m shares.
Dromana has faced fierce criticism from a group of shareholders opposed to the company's plans for a share issue. The disgruntled investors had called for the removal of three Dromana directors from the company's board but the proposal was voted down at an EGM on 9 March.
The rights issue has given two directors, David Craig and Richard Green, a 19.07% and a 17.57% stake in the company respectively.
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