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Changes at Empire group

EMPIRE Beer Group plans to restructure its board to reflect the company’s recent change in direction following the divestment of its two leasehold businesses, The Royal in east Perth and the Colonial Brewing Co in Margaret River. Empire is currently proposing to raise about $1.9 million through a non-renounceable rights issue at a price of 4.5 cents per share. The funds will then be used to continue to pursue business opportunities for the company. Following the completion of the rights issue, non-executive chairman Mel Ashton and non-executive director Kate Lamont will resign. Three new directors are to be appointed to the board, including Computershare founder and former chief executive Chris Morris as non-executive chairman. Mr Morris has been the main shareholder with the company since it was floated on the stock market in January 2008. Other directors to be appointed by the company are Montagu Stockbrokers senior adviser Greg Bandy and Max Capital managing director Tony King.

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