AUSTRALIA: IWIF reports A$18m net loss
The fund attributed the loss to an $8m write-down of its investment in Reynolds Wines, now in administration, and the A$14m in tax it paid on the profits of the sale of its stake in BRL Hardy as part of the takeover of that company by the US group, Constellation Brands.
Referring to an operating profit of nearly A$7m, Chris Day, chief executive of Berren Asset Management which manages the fund, said that the unusual events of the last year had overshadowed the real achievements of the fund.
"Put Hardy's aside from the special event that was Hardy's and just look at what was the continuing business of the wine fund, we had the most we've ever had," Day said. "It's disappointing that Reynolds had to be written off to the short term. But I can tell you if we can recover A$4m-A$7m of our Reynolds money in the next six months, that will all go to profit in the next six months."
A consortium led by Constellation Brands has made a tentative approach for Allied Domecq....
The Board of Directors of Constellation Brands, Inc. has declared a quarterly dividend on the company's 5.75% Series A Mandatory Convertible Preferred Stock, payable on 1 June, to shareholders of reco...
Constellation is expected to launch a counter-bid for Allied Domecq by the end of this month, according to press reports....
The Hardy Wine Company has posted a record grape harvest....
Constellation Brands is to launch a new Australian wine brand onto the US market through its North Lake Wines. The wine will be called Kelly's Revenge....
A host of drinks companies spent the weekend mulling over whether to launch counter-bids for Allied Domecq, according to press reports over the last few days....
This weekend's press reports have thrown up two other interested parties in the potential Allied Domecq carve-up....
Constellation Brands is interested in some of Allied Domecq's spirits brands, according to reports today (15 April)....
- Why Scotch must drop the 'malts good, blends bad'
- Pernod's mood darkens over India - Analysis
- Does alcohol accelerate the onset of dementia?
- Cognac is back - is Remy Cointreau ready?
- Soft drinks is losing the recycling game
- Diageo to cut 105 jobs in Scotland, 50 in Italy
- Scotch sales set to soar, despite recent struggles
- Pernod Ricard posts solid YTD sales jump - results
- Pernod Ricard YTD fiscal-2017 sales performance
- Distell acquires majority stake in Cruz Vodka
- Global Scotch insights - market forecasts, product innovation and consumer trends
- Global Champagne and sparkling wine insights - market forecasts, product innovation and consumer trends
- Battle of the Generations - The fight for iGen, Millennial, Gen X and Baby Boomer consumers
- Myanmar - ISA Country Report
- Flavoured Powder Drinks in 2017: Confronting an Ageing World