Australian Vintage has announced that its non-executive Chairman, Richard Davis, has tendered his resignation from the Board, effective immediately.
The news follows the capital structure initiatives and board renewal update announced by the company on 11 June 2024. His resignation was flagged at that time, along with the announcement of a $20 million equity raise and a trading update with the company revealing its sales would be in line with last year’s but “lower than internal expectations”.
Australian Vintage, which produces wine brands including McGuigan and Tempus Two, has commenced a search for a new Chair and non-executive director John Davies will serve as Interim non-executive Chair.
Acting Chief Executive Officer Peter Perrin said: “On behalf of the entire Board and Executive Committee, I would like to thank Richard for his dedication and service to the company over more than 15 years. He has made an invaluable
contribution and will be missed.”
Seppeltsfield buys Australian Vintage vineyard
Warren Randall’s Seppeltsfield has also acquired a 230-acre vineyard in the Barossa Valley from Australian Vintage.
The Lyndoch vineyard spans 230 acres and was previously part of the original Chateau Yaldara property. It is planted with varietals including shiraz, cabernet sauvignon, mataro and grenache.
Randall told the Australian Financial Review that sales to China had “skyrocketed” since tariffs were abolished and the purchase of the Lyndoch vineyard was to “specifically feed the newly created demand for luxury Australian wine to China”.
“China’s demand for luxury Australian wines prior to the tariffs was very strong and the Lyndoch vineyard acquisition offered Seppeltsfield an opportunity to fortify our supply volumes of luxury wines for a thirsty market,” he said.
“Our vineyard holdings in the Barossa Valley now exceed 4000 acres, growing 10,000 tonnes, producing nearly 10 million bottles of luxury wine every year.”
Additionally, Australian Vintage has offloaded its Balranald vineyard in NSW. The Balranald Vineyard currently yields between 11,000 and 13,000 tonnes of grapes, predominantly red varieties.
The company said exiting the Balranald Vineyard lease provided “flexibility in its sourcing strategy in a changing consumer environment”.
Australian Vintage creates AI-inspired wine