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AUSTRALIA: IWIF sells percentage of BRL Hardy stake

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Australia's listed wine investment company International Wine Investment Fund has sold down its stake in the BRL Hardy group from 12.5% to 11%.

BRL Hardy's price is trading at a two and a half year low. IWIF, BRL Hardy's largest shareholder, said, however, it was not disaffected with its investment and had an option to restore the 12.5% at various prices over the next two and a half years.

Its group investment manager Rupert Clifton-Bligh said money from the sales would be used to reduce debt and fund new investments in Australia and overseas though it was unlikely any new investments would be completed within the next four to six months.


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