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Global, Joval deal

GLOBAL Wine Ventures Ltd, the shell company formerly behind the iconic Western Australian wine brand Xanadu Wines Ltd, has signed an agreement with Joval Pty Ltd, facilitating a corporate restructure and recapitalisation. Victoria-based Joval, which owns wine group Casama Group Pty Ltd, will be entitled to 44.4 per cent of the expanded share capital should the deal proceed. GVW signed a distribution agreement for its Cowrock Vineyards brand with a Casama subsidiary, independent wine distributor red+white fine wines, in August this year. Under the deal, GVW will consolidate its existing shares on a one-for-25 basis to 10.4 million shares, as well changing existing converting notes to 9.9 million post consolidation shares at 18 cents per share. Joval and its associated entities will convert $435,000 of decured debt into 4.35 million post consolidation shares at 10 cents per share, with Norvest Corporate to convert its $225,000 secured debt into 2.25 million shares at the same price.

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