AUSTRALIAN VINTAGE LTD (AVG)

The suspension of trading in the securities of Australian Vintage Ltd will be lifted immediately following the release by AVG of announcements titled "Successful Completion of Fully Subscribed Placement and IEO" on 13 June 2024 and "Trading Update and Capital Structure Initiatives" on 11 June 2024.

Strong demand from a range of existing and new investors. Placement and Institutional Entitlement Offer fully subscribed and will raise approximately $15.0 million. In conjunction with the debt extension and facility increase initiatives announced to ASX on 11 June 2024, AVG expects to raise at least $45 million of total incremental capital. Incremental capital provides enhanced levels of liquidity and financial flexibility and better positions AVG to capitalise on future growth opportunities and execute its Strategic Plan. Retail Entitlement Offer opens on 18 June 2024 and has the potential to raise up to an additional ~$4.9 million.

The company releases an updated notice of proposed issue of securities.

The company releases a prospectus for an offer of up to 24,710,278 fully paid ordinary shares under the retail component of a two (2) for seven (7) accelerated non-renounceable entitlement offer of Shares at an issue price of $0.20 per New Share to raise up to $4,942,055.60 before costs. The Offer is not underwritten.

The company releases an Investor Presentation.

The company releases a notice of proposed issue of securities.

FY24 sales is expected to be in the range of $257 "“ 261 million, in line with FY23 in a challenging market but lower than internal expectations. Sales in key markets, ANZ and the UK, in line with the previous year, with the UK experiencing strong sales growth in May. Net debt as at 30 June 2024, absent the Equity Raising, was expected to be in the range of $70 "“ 75 million, higher than the $43 "“ 50 million previously expected. AVG maintaining and growing market share in key markets. Global leader in 'no-and-low' supported by our technology. New innovation range introduced in FY23 starting to take hold with additional innovation to be launched in 1H 2025 with higher margins. Margin and underlying earnings improvement in FY24 (relative to FY23) from brand growth, innovation and cost out measures. B-Corp certification achieved reinforcing AVG's environmental, social and governance credentials. In-principle terms agreed with existing financier, National Australia Bank, for up to $30 million of incremental debt capacity out to Nov-264. Equity Raising of up to $19.9 million launched to further improve liquidity, reduce leverage and increase balance sheet strength. Board renewal underway with Chairman to retire post Equity Raise.

The suspension is expected to continue until such time as Australian Vintage released an announcement in relation to the proposed capital raising, debt refinancing and trading update.

The securities of Australian Vintage Ltd will be suspended from quotation immediately under Listing Rule 17.2, at the request of AVG, pending the release of an announcement regarding a proposed capital raising and debt refinancing in connection with the trading update.

name changed from McGuigan Simeon Wines Limited