AUSTRALIA: IWIF wins vote to continue
Additional reporting by Tony Baker
Australia's International Wine Investment Fund is to continue its investment activities after a group of dissident shareholders were defeated in their attempt to have the fund dissolved.
In the end the margin of victory for the IWIF's management team Berren Asset Management, who has been battling for continuation, was substantial, with around 65% of unitholders voting for the fund to continue.
More than 80% of the fund's 58.4 million units were cast in today's vote.
CEO of Berren Chris Day has now set a goal to build a A$1 billion (US$663m) wine company within a decade. Day described the challenge from the dissident shareholders led by controversial businessman Rene Rivkin as ridiculous.
The first move after the vote would be a major investment of up to A$20m (US$13.2m) to be announced within weeks, Day said.
Constellation Brands this week signed a conditional agreement under which it will become the wine fund's third-largest equity holder with a 15.4% stake.
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