NZ: Oyster Bay pulls back first-half losses

By just-drinks.com editorial team | 15 February 2007

Losses at Oyster Bay Marlborough Vineyards were trimmed for the first half of its fiscal year.

The New Zealand wine company, which was at the centre of a costly takeover battle last year between entrepreneur Peter Yealands and Delegat's Wine Estate, said today (15 February) that net losses for the six months to the end of December came in 25% lower than the corresponding period a year earlier, at NZ$697,000 (US$485,720).

In November last year, company chairman Bill Falconer warned that the company had been hit by NZ$1.43m in costs associated with the takeover battle and related complaints, and another $209,000 in costs associated with an appeal to NZX Discipline.

In 2005, Oyster Bay was accused by shareholder Yealands of omitting to inform shareholders about the market value of its vineyards that could have affected their decision to accept the Delegat's offer.

Sectors: Wine