Cockatoo Ridge Wines calls in administrators
In a further sign of the troubles confronting the wine sector, ASX-listed Cockatoo Ridge Wines has advised investors that they have entered voluntary administration ahead of what they forecast to be another difficult quarter.
Formed two decades ago, the South Australian-based wine producer suspended trading on their shares on December 10 as they worked to sell their Monash winery. They managed to lease the property last week but the cashflow boost was not expected to stave off insolvency.
“Cockatoo Ridge Wines Limited advises that, having considered third quarter trading conditions the Company is expecting to encounter, the directors have formed the view that the Company and its subsidiaries … are likely to become insolvent in the third quarter and have therefore resolved to voluntarily appoint George Divitkos and Russell Henry Heywood-Smith, both of BDO Kendalls (SA), as joint and several administrators of the Company,” they advised in a statement.
“That appointment will be effected immediately.”
The company is trading as normal in the meantime.
