Empire strikes back
Some big name talent will take a seat at the board of this WA brewer after a $1.
Perth-based Empire Beer Group, which sells and distributes the Colonial brand of craft beers, has announced a $1.9 million non-renounceable rights issue at 4.5 cents per share.
The raising, which is expected to commence on January 27, is fully underwritten by the securities arm of Grange Consulting, Max Capital.
Max Capital is lead by Grange founder Ian Macliver and Tony King, a chartered accountant. Macliver is currently a non-executive director of Empire Beer.
Max Capital was the lead manager of Empire Beer's $6.4 million IPO in January 2007 and more recently has acted in two placements for Otto Energy worth a total of $79 million, a $5 million placement for Peter Landau's Continental Capital and a $3 million IPO for IT company Empired.
The issue is one new share for every share held on January 22. Following the issue's completion, Computershare founder Chris Morris will join the board as non-executive chairman, replacing Mel Ashton, who sits on the boards of a number of Max Capital clients. Non-executive director Kate Lamont will also step down. Greg Bandy, an advisor at Montagu Stockbrokers will join the board as will Max Capital's Tony King. Morris, Bandy and King are all current shareholders in Empire Beer.
With Lamont's departure only managing director Phillip Gallagher has industry experience. But with this many brokers and corporate advisors on the board, at least there will be plenty of deals brewing.
The raising, which is expected to commence on January 27, is fully underwritten by the securities arm of Grange Consulting, Max Capital.
Max Capital is lead by Grange founder Ian Macliver and Tony King, a chartered accountant. Macliver is currently a non-executive director of Empire Beer.
Max Capital was the lead manager of Empire Beer's $6.4 million IPO in January 2007 and more recently has acted in two placements for Otto Energy worth a total of $79 million, a $5 million placement for Peter Landau's Continental Capital and a $3 million IPO for IT company Empired.
The issue is one new share for every share held on January 22. Following the issue's completion, Computershare founder Chris Morris will join the board as non-executive chairman, replacing Mel Ashton, who sits on the boards of a number of Max Capital clients. Non-executive director Kate Lamont will also step down. Greg Bandy, an advisor at Montagu Stockbrokers will join the board as will Max Capital's Tony King. Morris, Bandy and King are all current shareholders in Empire Beer.
With Lamont's departure only managing director Phillip Gallagher has industry experience. But with this many brokers and corporate advisors on the board, at least there will be plenty of deals brewing.
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