20/12/2005 - 21:00

Palandri seeks $7.5m for trust vineyard acquisition

20/12/2005 - 21:00

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MARGARET River winemaker Palandri Ltd has told the AIM stock exchange in London that a subsidiary has launched a supplementary prospectus to raise $7.5 million for the purchase of a Great Southern vineyard.

MARGARET River winemaker Palandri Ltd has told the AIM stock exchange in London that a subsidiary has launched a supplementary prospectus to raise $7.5 million for the purchase of a Great Southern vineyard. Palandri Investment Management Ltd is seeking the funds as manager of the Agriculture Property Trust, which intends to buy the Frankland River Vineyard 2, currently owned by Palandri Wine Production Ltd. The acquisition has been arranged so that lots of the vineyard can be transferred as funds are raised. Palandri Wine Production will use funds raised to reduce group debt. The trust was established in May to buy a Harvey vineyard and is still raising funds for that purpose. Palandri Investment Management is also seeking to raise at least $4 million through its Margaret River Wine Business – Wine Bond Series 1 – to fund market expansion in the UK and Europe.

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