Money for wine

DEVELOPERS of the 290-hectare Gnangara Vineyard Project in Manjimup now has the way open to raise $19.2 million, more than three years after receiving an Australian Taxation Office Product Ruling.

The project was repacked into a managed investment scheme when it became apparent to project developers, Viticultural Asset Management, that investors were not interested in investing in a property trust that did not provide any added tax incentives.

The project, headed by former Evans & Tate executive director Mike Calneggia, will stay clear of marketing, bottling and branding its grapes deriving all of its future revenue from the sale of grapes to listed wine maker Evans and Tate Limited and Howard Park.

Investors must have a gross income of $250,000 per annum or net assets of $2.5 million to apply.