Alan Newman’s interest in Western Australia’s agribusiness sector continues to grow, with the former Futuris Corporation Ltd chief involved in a fund raising deal for South Perth-based Australian Wine Holdings Ltd.
Mr Newman’s Gheko Capital Pty Ltd was one of three companies to take part in a placement last year for $1.2 million worth of convertible notes issued by AWL, a wine industry consolidator run by former Evans & Tate Wines director Mike Calneggia.
Gheko is also playing a sub-underwriting role in a $5.4 million non-renounceable rights issue of convertible notes which has been underwritten by Azure Capital.
AWL director David Gilham’s company Mingara Pty Ltd and Paul Depiazzi’s company Jawp Pty Ltd have also been involved in the placement and sub-underwriting arrangements.
One of WA’s most successful corporate players, Mr Gilham was managing director of Futuris spin-off Bristile Ltd until it was taken over by Brickworks Ltd, where he remains a director. He is also chairman of forestry group Integrated Tree Cropping Ltd and sits on the boards of Consolidated Minerals Ltd and Forest Enterprises Ltd.
Formerly Bristile’s finance director, Paul Depiazzi recently joined Integrated Tree Cropping as chief financial officer.
AWL managing director Mike Calneggia said the funds would be used to retire about $2.2 million in loans from shareholders and provide working capital for the 2005 vintage which was looking very promising.
“We are just trying to clean up the balance sheet at the moment,” Mr Calneggia said.
If fully converted, the convertible notes would represent 265 million shares or about 45 per cent of AWL’s post-conversion equity.
AWL currently has 324 million shares on issue which were trading around the 2.5 cents level earlier this week.
