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Published:  23 July, 2008

Shareholders benefit

Cranswick Premium Wines has completed the sale of Haselgrove Premium Wines for approximately A$19 million (including A$3.5 million of goodwill) to Barrington Wine Company. Cranswick has retained the 41 hectare premium Wrattonbully vineyard in South Australia, and the Lost Sheep brand name. As a result of the sale and the ongoing operational benefits that it will generate for Cranswick, the board intends to pay a special dividend to shareholders of two cents per share. Graham Cranswick-Smith, managing director of Cranswick, said: "The Haselgrove sale will substantially eliminate the company's debt, apart from A$20 million in convertible, unsecured notes. We will be well placed to capitalise on opportunities in the high-volume global market segment, where we already have a strong presence." The company also announced that its un-audited sales revenue for the year to 30 June 2001 totalled A$59.8 million. This represents an increase of approximately 14% over the previous year's table wine sales.