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Interim distribution increase of 33%

The board of Berren Asset Management Limited (Berren), the responsible entity of the International Wine Investment Fund (IWI), said that an interim distribution of 6 cents is to be paid on 27 February 27, 2006.

The interim distribution will represent an increase of 33% over the previous year’s interim distribution which was 4.5 cents per unit.

Berren’s Chairman Mike Terlet said: “The board believes that the increased distribution will be of benefit to our loyal unitholders. The board also plans on announcing a targeted distribution for the whole year. While it is not a significant change from our existing practice of declaring distributions semi-annually, the announcement of targeted distributions will provide unitholders with more certainty as to our intentions and confidence in the Wine Fund.” The board and the investment manager Geoff Wilson believe that any realisation of gains on investments to fund this distribution will not have a material impact on the management of the portfolio. Wilson said: “The Australian Wine Industry is at a cyclical low. These periods of transition always provide opportunities. The Wine Fund is well positioned to take advantage of these opportunities as they arise. A large percentage of the current portfolio is invested in the global wine leader Constellation Brands. Recent events have demonstrated the value of strong brands operating at the premium price points supported by excellent distribution. I believe that wine companies that focus on building market share in the “commercial wines” segment will continue to face hard times. I also believe that the wine companies that have a balanced portfolio and have invested in brand development and strong distribution will be the winners.” As at 30 November, 2005 the unaudited pre-tax NTA of the IWI was $ 2.59 per unit.

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