AUS: E&T winery sale faces delay
The sale of Evans & Tate's Mildura winery has hit a snag with its prospective buyer blaming "volatile" equity markets for the delay.
UK beverage group Neqtar agreed to buy the winery in March through its Australian subsidiary, SDS Beverages Food and Wine, in a deal worth A$22m (US$16.2m). However, E&T said today (19 June) that Neqtar had asked for the completion of the deal to be put back a month to 31 July.
"Neqtar has advised that its request is solely due to the current volatile state of the UK equity markets, and that consequently Neqtar has delayed its public listing on the London Stock Exchange's Alternative Investment Market (AIM) exchange," E&T said.
The West Australian wine group insisted however that Neqtar remained "absolutely committed to complete the acquisition" of the Mildura winery with company officials set to meet next week to discuss the situation.
Neqtar is also the holding company of UK distributor HwCg, which struck an agreement to handle E&T's stable in the UK at the time of the Mildura deal.
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