Palandri makes AIM list

The listing of Palandri’s shares at 37.5 pence on June 29 comes seven weeks after it had initially planned to list on AIM.

Palandri had initially planned to list on the Australian Stock Exchange in February but abandoned that move after details of a moratorium on a $9.2 million debt with the National Australia Bank became public.

NAB demanded $3 million be repaid by March 31 with the remaining debt to be cleared by June 30 this year and Palandri made firm moves to raise capital offshore.

Its recent raising of £3.36 million ($9 million) is a mixture of equity and convertible debt.

According to a statement issued by Palandri, the funds will be used for general working capital and to finance the expansion of the company’s growth in the international market place.

A new board has been appointed and includes Grant Thornton director Brian Moritz, Domain Day Consulting principal Robin Day, Palandri chief executive Darrel Jarvis and partner of chartered accountant firm William Buck Group Chris Brown.

Mr Jarvis had previously told WA Business News that raising $10 million in offshore equity would make the Margaret River wine company debt-free, ending a tough 18-month period.

Six months ago Palandri made a $6.5 million call on investors to inject more funds into its wine project.

It also announced plans for a $7.5 million convertible note issue to precede a float on the ASX, which was scrapped in preference of an AIM listing.

A further call for $4.2 million has been made on the Margaret River Wine Business Project II members.