Dawine shareholders drown their sorrows after investor talks collapse
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Wine merchant Dawine is back in the market, rejoining on Friday after news that negotiations with a potential investor had fallen through.
Dawine (ASX:DW8) which sells Aussie wine to the Chinese, had been in a trading halt since the end of November.
“Negotiations with the potential strategic investor have ended in its current form due to complex regulatory issues and the consequential timing issues this presented,” chairman Piers Lewis told investors.
“Discussions are ongoing with the strategic investor, and other strategic partners/investors about a potential capital investment into Dawine.”
Dawine opened its new year down 35 per cent to 0.9c.
Mr Lewis did not wish to share the figures and said while they didn’t sell out they didn’t come back with excess stock, but he’d expected to sell more.
The last quarterly report showed they had $2 million in cash, but took $88,000 in receipts.
Stockhead is seeking comment from Dawine.