The Australian listed wine maker Xanadu Wines is trying to raise A$6.5m in a fully underwritten rights issue of convertible notes. The money will be used as working capital and in an expansion programme.
Chief executive Andrew Moore said shareholders will be able to invest in Xanadu’s future growth through a redeemable secured investment that will return 9% per annum interest yield paid quarterly.
The company also took the opportunity to restate its forecasts that it will achieve a net profit of A$2.4m on sales of A$29m for 2003/04.
