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St Hallett and Tatachilla to float

Published:  23 July, 2008

Further growth sought

South Australian wineries St Hallett and Tatachilla Wines, which merged to form Banksia Wines in July, have announced plans to list on the Australian Stock Exchange by mid-December. The founding shareholders will retain 52% of the merged group's expanded capital of just over A$50 million. The combined sales of the two wineries for the current financial year are forecast to rise above 400,000 cases, with 53% of sales currently going to export, the key markets being the UK and the USA. The company's wines most widely recognised in the UK are the much-sought-after St Hallett Old Block Shiraz and Poacher's Blend, together with Tatachilla's Foundation Shiraz and McLaren Vale Cabernet Sauvignon brands. The listing will raise approximately A$16 million in new equity, which will be used to fund further growth. Marketing director Bob "Sir Lunchalot" McLean said that the company had a number of Australian wine companies under consideration as part of an expansion programme initiated after July's merger.