AUS: Evans & Tate suspends share trading
Evans & Tate has placed trading in its shares in a voluntary halt.
The Australian wine company said today (17 August) that the suspension will remain in place until the start of trading on Tuesday (21 August), when an announcement will be made to the market.
No-one was available to elaborate at E&T when contacted by just-drinks today.
Last month, E&T, which has struggled since the glut and drought of recent years in Australia, confirmed it had signed a restructure agreement after a protracted spate of offers. Under the agreed deal, ANZ bank, which is owed around A$100m (US$84.3m) by the company, will convert A$50m of its debt into 625m shares. Of these shares, just over 100m will be transferred to McWilliams Wines, with the balance held by ANZ and Pendulum Investor Group.
McWilliams will subsequently handle the global distribution of Evans & Tate's core wine brands, with E&T looking to raise around A$17.6m from a one-for-two share entitlement issue, open to all shareholders. Thereafter, McWilliams will invest A$10m into the company in return for 100m of the new shares.
The transaction is expected to complete by the end of October.
The sale of Evans & Tate is finally expected to close next week, local reports have claimed....
- Analysis - SABMiller to add bolt-ons in Africa?
- A-B InBev's Move on Tennent's Super Makes Sense
- India: Everyone's Favourite Spirits Market
- Brand Diversification Driving Craft Brewery Growth
- Analysis - Stock Spirits: Poland's number one
- Diageo scraps Arthur's Day, but singer left sad
- Pernod Ricard's Café de Paris Pear, Pomegranate
- PepsiCo CEO sees "profound" change in US consumers
- William Grant sinks GBP185,000 into "No" camp
- SodaStream silent on John Lewis pullout in UK