Wine float remains uncorked
The Waipara Hills Wine Estate has been extended by another three weeks as it has raised insufficient funds.
Waipara is aiming to raise $3 million to establish a wine business in Canterbury, but was about $1 million short of its target on Friday.
Chairman Syd Bradley says about 280 people have subscribed for more than 2 million of the $1 shares.
Bradley says that the average investment is for 7,100 shares, however he would like to see more larger retail investors on the company's share register.
Waipara Hills Wine Estate Ltd has been established for the purpose of producing premium quality, award winning wine.
Some of the funds will be used to buy certain assets from the Langdale Wine Company.
NPT goes shopping
Executive chairman Paul Dallimore says increasing the retail exposure of the fund is positive.
"The expansion is an evolutionary step for National, increasing our exposure to retail property at a time when consumer spending trends are showing positive signs," he says.
NPT says its net profit was up 8.8% to $3.3 million in the year to June 30. Despite improving cash flows, dividend distributions were down and the fund is carrying the maximum debt its trust deed allows.
NPT has just completed concept plans and a feasibility study for redeveloping Eastgate and it is now looking for funding.
Dallimore said the $29m redevelopment will increase the trust's exposure to retail property to between 50% and 60% of the overall portfolio.
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