By DITA DE BONI
BRL Hardy's offer for public shares in Nobilo Wines has been deemed fair in a report by independent appraisers.
The Australian winemaker has offered between 105c and 110c a share to all public shareholders of Nobilo, excluding the Nobilo and Vieceli families, a total of around 10,216,022 shares
or 22 per cent of listed capital.
Shareholders with fewer than 3000 shares will be offered 105c, and those with more than 3000 either 105c for each share or an equivalent number of BRL shares - effectively valuing each Nobilo share at 110c.
Appraiser DeloitteTouche Tomatsu said the fair market value of each share was between 90c and 105c, with the final offer at the upper end of its assessed fair market value range.
"The cash consideration of 105c represents a premium of 21 per cent over Nobilo's closing share price of 87c on May 11, the day prior to BRL Hardy issuing its notice," it said. Nobilo shares closed up 1c to 102c yesterday. BRL Hardy dropped 1c to 665c.
BRL, a founding shareholder since Nobilo's official public offering in 1998, took its shareholding from 25 per cent to 40 per cent last month. Soon after, it denied intending to acquire 100 per cent of the company.
BRL upped its holding by acquiring a parcel of shares from departing shareholder Emerald Capital, mopping up shares to which the Vieceli and Nobilo families, also founding members, had waived pre-emptive rights.
It then launched a bid to take up to the remaining 60 per cent in Nobilo and said it valued the company at $50 million.
The families, which own around 38 per cent of the company, have been in discussions with BRL to relinquish their holdings.
Brian Vieceli indicated yesterday that he would sell his 9 per cent shareholding to the Australians.
The Nobilo family have been offered a share swap worth 115c a share in recognition of the strategic value of their holdings.
