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AUSTRALIA: E&T denies there's trouble at the bank

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Evans & Tate has responded to newspaper reports that its bank ANZ is concerned about the debt levels of the company and that the winemaker had employed corporate advisory firm Korda Mentha to make an assessment of its financial position.

In a statement released to the Australian Stock Exchange, the company denied that it had employed Korda Mentha as administrators and added that it "continued to enjoy a good relationship with its bankers, ANZ Banking Group."

The statement continued that 333 Performance Management was appointed on 1 June to assist E&T to improve forecasting, planning and business efficiencies.

"This appointment follows on from the company's continued focus on reducing inventory and maximising returns from its assets," E&T said.

E&T also announced that it had appointed Terence Powell as chief financial officer, with effect from 1 July.

Powell was previously CFO of Hartleys Ltd, a wealth management and outsourcing business for the financial services industry.


Sectors: Wine

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