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Australian Vintage halts trade in preparation to announce company update

By Meg Riley

Australian Vintage, the publicly listed wine company that houses brands such as McGuigan, Nepenthe, and Tempus Two, announced to the Australian Securities Exchange (ASX) yesterday that it had entered a trading halt.

Trading on the ASX as AVG, Australian Vintage requested the halt prior to the commencement of trade on Thursday morning, stating its intent to release an announcement to the ASX.

The company requested that its securities remain in a trading halt until either the announcement is made, or when normal trade commences on Monday 27 May, whichever happens first.

Australian Vintage did not disclose any details about the nature of its pending announcement, only that it was “regarding a Company update”.

The trading halt comes two weeks after Australian Vintage announced the abrupt departure of its CEO Craig Garvin, who was dismissed for engaging in conduct that the company felt displayed a “lack of judgement” that it felt was inconsistent with company values.

As a result of Garvin’s departure, Australian Vintage said it would commence a global search to appoint a permanent CEO, with Peter Perrin stepping in as acting CEO in the interim.

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