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SA wine company Brand New Vintage to transform into brand new digital company under buyout deal
ADELAIDE listed wine company Brand New Vintage is set to be transformed into a digital wine marketing company via a reverse takeover.
BNV has lodged a proposal with the Australian Securities Exchange to buy Melbourne-based digital wine company Dawine, which has developed an online and mobile platform to sell wine into Asia.
The Adelaide company sold its Sticks brand last year and the company was left with just its One Planet wine brand.
It made a profit of $522,198 for the half year including the proceeds from the sale of the Sticks brand, but made a net loss of $284,618 on an underlying basis, on revenues of just $162,898.
Managing director Sam Atkins will stay with the business following the deal, however current board members Graham Keys and Frank Kraps will resign and the head office is likely to leave Adelaide.
The outgoing board members will be replaced by finance professional and “wine enthusiast” Piers Lewis, who is an experienced company secretary, a director of exploration company Ardiden and a founding director of graphite company Talga Resources. Mr Lewis will be executive chairman.
Winemaker and geologist Mike Edwards will join the company as a non-executive director.
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