Support for Delegats' offer

Wine company Delegats' $45 million share offer, which closed Thursday, was expected to be fully subscribed, the float's joint lead manager says.

James Beale, investor banking director at ABN Amro Craigs, said his confidence of full subscription was based on interest and applications.

"There's been really good support from the brokers and good public support."

Just over 32 per cent of Delegats was offered, with listing of the shares due on Friday April 21.

Australasian institutions and New Zealand brokers had been offered $30 million worth.

Another $15 million of stock has been set aside for Oyster Bay shareholders, Delegats noteholders and the public.

Beale expected to be able to confirm the subscription level on Tuesday, while a scaling meeting was due that afternoon.

Cornerstone shareholders Jim Delegat, Rose Delegat and Robert Wilton took the unusual step of offering a sweetener of up to $22 million from their own pockets if prospectus targets were not met.

Should 2007 net profit fall short of $13.8 million, they agreed to cancel some of their shares to boost the equity level of new shareholders.

Wine firm's float

Raising: $45 million.
Issue price: $1.40.
Stake being listed: 32.1 per cent.
Market cap: $140 million.
Enterprise value: $255 million.
P/E: 10.1