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Winepros is Dead
"Judy Pridmore"
post Nov 28 2001, 10:28 AM
Post #1


If anyone is interested in seeing Bruce Kemp's address to shareholders at the AGM please go to the investor relations section of the web site for the full story.
Cheers Judy
Winepros General Manager

This post has been imported from Winepros archive - www.winepros.com.au
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"the truth"
post Nov 22 2001, 08:25 AM
Post #2


Winepros on the nose ... virtually
Nov 22
Conor Lally - Australian Financial Review

Internet wine retailer Winepros Ltd is to disappear with a whimper rather than a bang after a subdued meeting yesterday, attended by a handful of shareholders, approved its dissolution.

Shareholders agreed to the Winepros board's previously announced move to sell its assets and return what money it can to investors.

They are likely to get just 9? initially, plus another small amount as assets are sold, for each $1 share issued when the company listed two years ago.

Chairman Mr Bruce Kemp said a payment of 9? a share would be made to shareholders over the Christmas period with a second unspecified payment to follow later.

Of the $25 million raised when the company listed, it has $7 million cash in hand, plus some assets built up as part of its efforts to sell wine through an internet site.

"It's rare in the dot com world to be returning shareholders funds," Mr Kemp told reporters after the meeting.

He said the board and management regretted the lack of success of the Winepros business model and recognised the impact this had had on individual investors.

In recent months the company has cut its costs by retrenching all but six of its staff.

It has also ceased website development work and all marketing activities. But the site will be maintained in the short term, to deal with potential buyers.

The tiny and quiet group of shareholders at the meeting was told that board members and major shareholders Mr Len Evans and Mr James Halliday wanted to continue the business.

But after seeing an independent review by management consultants AT Kearney, the board decided the business should be dissolved.

Mr Kemp told shareholders that, over time, the company might have turned a corner.

Winepros shares closed flat at 10?.

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