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Jarvis’s stake in Palandri lifted

MARGARET River winemaker Palandri Ltd has announced plans to issue $6 million worth of shares to investors, including chief executive Darrel Jarvis and Perth minerals investor Xibo Ma, ahead of the company’s listing on the ASX. In a debt-to-equity swap, Mr Jarvis will be awarded more than four million shares, worth $1 million, to partially offset a secured loan of $1.9 million. Once completed, the deal will give Mr Jarvis a 23.7 per cent holding in the company. The company will place 15.4 million shares, worth $3.8 million, with Auckland-based Everlast International Investment Pty Ltd and a further 4.8 million shares, worth $1.2 million, with Detroit Equities Inc. Everlast is reportedly the vehicle of Mr Xibo, a Murchison Metals investor. Palandri says the placement with the two investors will enable it to develop foundation relation-ships in China. On completion of the proposed transactions, Palandri, which has been trading on London’s Alternative Investment Market, will have more than 79 million ordinary shares issued.

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