MARGARET River winemaker Palandari remains confident it will list on London’s Alternative Invest-ment Market despite failing to meet its intended float date of May 13.
MARGARET River winemaker Palandari remains confident it will list on London’s Alternative Investment Market despite failing to meet its intended float date of May 13.
Palandri executive chairman Darrel Jarvis said the company had formalised proceedings to list on AIM but would not comment on any of the details, including reports Palandri has raised $4 million and has a further $7 million pledged.
Mr Jarvis said he could not comment because the company was in a 10-day notice period with AIM.
“We’re in the go-quiet period and I can’t talk about the details,” he said.
A listing schedule on AIM’s Internet site states that Palandri expects to list on June 28, two days shy of its deadline to repay debts to its bank, the National Australia Bank.
Palandri dropped plans to float on the Australian Stock Exchange in February after details of a moratorium on a $9.2 million debt with NAB became public.
NAB demanded $3 million be repaid by March 31 and the remaining debt to be cleared by June 30 this year.
When asked whether that debt would be paid in time Mr Jarvis reiterated his previous comments of “normalising” the relationship with NAB.
“We are in a process of normalising our relationship with the bank,” he said. “We’re normalising, not repaying.”
AIM documents list Palandri’s nominated adviser (Nomad) as Nabarro Wells and Co Limited and the broker as JM Finn and Co.
Mr Jarvis has previously said Palandri’s Nomad was Grant Thornton.
AIM documents list Grant Thornton International chairman Brian Moritz as a non-executive director of Palandri.
Other UK non-executive directors include Coach House chairman Michael Cunningham, RHM Foods chief operating officer Tim Kelly, and retired Unwins executive Philip Wetz.
Australian directors are former Orlando Wyndham winemaker Robin Day and Palandri non-executive director Chris Brown, who will become the parent company’s part-time finance director.
Palandri reportedly wants to admit 45,403,910 ordinary shares to AIM but a price per share has not been disclosed.
Mr Jarvis has previously told WA Business News that raising $10 million in offshore equity would make the Margaret River wine company debt-free, ending a tough 18-month period.
Six months ago Palandri made a $6.5 million call on investors to inject more funds into its wine project.
It also announced plans for a $7.5 million convertible note issue to precede a float on the ASX but has scrapped those plans.
A further call for $4.2 million has been made on the Margaret River Wine Business Project II members.
