Top Shelf International (TSI) is seeking buyers for all or some of its business, which includes Ned Whiskey, Grainshaker Australian Vodka and Act of Treason Agave.

The company’s shares have been suspended from trade since September and EY’s Melbourne M&A team has been called in to explore its options for moving forward.

A TSI spokesman confirmed to the Australian Financial Review that the company had engaged EY to advise it on a potential sale of its business or assets, which include its production and manufacturing facility and an agave farm in the Whitsundays.

“Given the company has received both domestic and international interest, the board has formalised a process to engage the broader wines and spirits community,” he said.

TSI adjourned its annual general meeting last week to allow shareholders “a reasonable opportunity to consider the
Company’s annual report and financial statements for the year ended 30 June 2024, which the Company expects will be available to shareholders in early 2025″.

Almost a third of shareholders (29%) voted against the re-election of TSI director Adem Karafili at the AGM, which the AFR described as “a rebuke” of his “spruik” of its “IPO to Melbourne’s upper crust and oversaw a marketing budget that stretched to $7 million”.

Top Shelf appoints new CFO amid trading halt