AUSTRALIA: Margaret River project given all-clear
The Australian Securities and Investments Commission (ASIC) has lifted the block it had placed on the A$15m Margaret River wine investment project after the investors provided more details about the investment, notably the basis for its financial forecasts.
The company concerned, Primary Securities, was required to publish a new prospectus after ASIC ruled that its original prospectus did not give potential investors in the Watershed project sufficient detail to make an informed decision.
Watershed is looking to raise $15 million to complete the development of a vineyard and winery at a site 5km south of Margaret River. About 130,000 vines have been planted and an on-site retail outlet is scheduled to open in July coinciding with the release of the first vintage.
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