Takeover `not on'

By DITA DE BONI

BRL Hardy says the possibility of next month increasing its shareholding in Nobilo Wines will not lead to the eventual takeover of the company.

Last week, the Australian shareholder said it would possibly exercise pre-emptive rights for a restricted transfer of shares from departing Nobilo stakeholders NV Investments and NDL Investments.

But the other founding shareholders, the Nobilo and Vieceli families, who respectively hold around 30 per cent and 9 per cent of the company, would also have a right to a pro-rata percentage of the shares on offer.

The soon-to-be relinquished shareholding is 7,132,000 shares, or about a 15 per cent share of issued capital in the company.

Nobilo, Vieceli and BRL Hardy have until May 18 to buy the shares at a price of $1.05 a share.

After that, N. V. and NLD Investments, through principal stakeholder Emerald Capital, will be free to sell the shares to any buyer at a price not less than 94c a share until July 14.

BRL Hardy is entitled to hold up to 40.0002 per cent of Nobilo's issued capital.

Under the same constitution, Nick Nobilo and family can own up to 44.5 per cent of the company.

Hardy spokesman John Whelan said: ``The move [to increase our shareholding] is not hostile at all ... we're not looking at a takeover. The operation is running very nicely and we have no plans to absorb it.''