AUSTRALIA: Dromana to conclude Yarra Hills deal
Dromana Estate Ltd has said it will buy the remaining shares it does not already own in the wine producer Yarra Valley Hills.
The AIM-listed Australian wine company said yesterday (22 June) that it will buy the remaining 50% of Yarra Valley Hills Pty Ltd and the outstanding 51% of the Yarra Valley Hills joint venture from Authorised Investment Fund Ltd (AIY) in an all-paper deal. Dromana will issue AIY with 32,000 shares at a price of 25 Australian cents and 8,000 options at 25 cents.
Dromana also said yesterday that negotiations with AIY regarding its offer to buy AIY's 20% participation in David Traeger Wines Pty Ltd were continuing.
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