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Published:  23 July, 2008

Listed Australian wine company Cabonne Limited plans to raise A$22.6 million to fund expansion. It is also seeking a new chief executive and planning a change of name. In the current financial year the company - which is to become Reynolds Wines Limited, to capitalise on its flagship brand - went from selling 25,000 cases a year to more than 250,000 cases. The company says it has transformed itself from a vineyard developer and manager to an integrated, multi-branded wine company with international distribution channels. Cabonne hopes to secure its new CEO by the end of June. Peter Poolman will become deputy chairman, focusing on expanding US and UK distribution.