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Australian Vintage in trading halt

By Thursday 23 May 2024No Comments

The struggling publicly-listed company Australian Vintage Ltd (AVG) – which has been in talks with Accolade Wines about a possible merger – has gone into a trading halt.

The company issued this statement to the ASX: “The securities of Australian Vintage Ltd (AVG) will be placed in trading halt at the request of AVG, pending it releasing an announcement.

“Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Monday 27 May 2024 or when the announcement is released to the market.”

The Financial Review described the halt as “an ominous sign” for the company.

Two weeks ago Australian Vintage sacked CEO Craig Garvin over what it says was “a lack of judgement”.

Director Peter Perrin, who has been in the wine industry for 40 years including stints with Bleasdale and Torbreck, is the interim CEO.

The Australian Vintage portfolio includes McGuigan Wines, Nepenthe, Tempus Two, Barossa Valley Wine Company and Passion Pop.

The company has been a leader in commercial zero-alcohol wine in recent years.

It was started by Brian McGuigan and his family in 1991 under the name Roserim Ltd.

It became Brian McGuigan Wines Ltd and later McGuigan Simeon Wines – and then Australian Vintage Ltd in 2008.

Brian stepped down as a director of the company in 2014.

Photo: ASX website.

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