AUS: Palandri shareholders back domestic listing

By just-drinks.com editorial team | 24 November 2006

Australian wine group Palandri will seek a listing on the Australian Stock Exchange after winning shareholder approval for the move, local reports said today (24 November).

The company wants to move its listing from London's Alternative Investment Market back to Australia as it believes its stock will gain greater liquidity.

CEO Darrel Jarvis told WA Business News that Palandri was in the ideal position to re-list on the Australian stock market thanks to its growth in the last 12 months. In the year to 30 June, Palandri saw pre-tax profit more than double to A$6.4m (US$4.9m) on the back of a 37% leap in revenues.

Palandri will cease trading on the AIM on 22 December, the report said, and seek admission to list in Australia.

Sectors: Wine