17/07/2007 - 22:00

Second bite for Big Island at $10m

17/07/2007 - 22:00

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Mick Stroud has issued a supplementary prospectus for his Big Island Brewing Ltd after failing to secure $10 million from potential investors within the original prospectus’s three-month time frame.

Second bite for Big Island at $10m

Mick Stroud has issued a supplementary prospectus for his Big Island Brewing Ltd after failing to secure $10 million from potential investors within the original prospectus’s three-month time frame.

Big Island Brewing Ltd lodged a supplementary prospectus with the Australian Securities and Investments and Commission on July 4, which extends the capital raising until August 10.

Mr Stroud has been attempting to secure the funds since April through the offer of 25 million shares at 40 cents each.

The company has acquired a German 60-hectolitre brewhouse that has the capacity to produce nine million litres of beer a year, more than double what established boutique brewer Little Creatures produces.

Last month, a spokesman for Mr Stroud told WA Business News that additional time was needed to complete the capital raising, and that Mr Stroud had recently been in discussions with potential investors based on the east coast.

It is unclear whether those investors have decided to back the Canning Vale-based brewery.

Mr Stroud failed to raise $10 million from investors in 2001 for a planned float of his wine services group, 1Auswines.com.
He eventually shelved the internet and retail 1Auswines.com plan, which incorporated the West Perth site of the Perth Ice Works.

Mr Stroud last week overcame an attempt to oust him from the board of wireless technology group Wavenet International Ltd by the group’s former chairman, Peter Gregory.

A majority of shareholders voted against a proposed board change by Mr Gregory.

WA Business News reported in June that Mr Gregory had reportedly complained the firm had no growth strategy, saying it had sat on “very large” amounts of money without doing anything with it.
Mr Gregory owns 17.46 per cent of Wavenet through associated companies Gibros Pty Ltd, First Rate Holdings Pty Ltd, and Paper-Corp Pty Ltd.

His group had nominated Murdoch University executive dean of science and engineering, Yianni Attikiouzel, RSM Bird Cameron corporate finance director Brenton James, and former Wavenet director Leslie Innes, along with Mr Gregory, to replace Mr Stroud – the group’s current chairman – as well as director Michael Hendriks.

Mr Stroud was not able to be contacted before publication.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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