PALANDRI: Wine, Friends and Ozzies to take away a thrist.

RNS Number:2405A
Palandri Ltd
29 June 2004



SHARES IN PALANDRI - THE ONLY WINE PRODUCER ON AIM - START TRADING



Palandri ("Palandri" or the "Company" AIM: code PRI), the Western Australian
wine producer, announces that its ordinary shares have been admitted to trading
on the Alternative Investment Market ("AIM") of the London Stock Exchange with
effect from today.



Prior to the Admission, the Company raised more than A$9m (#3.36m*) through a
mixture of equity and convertible debt. The funds will be used for general
working capital purposes and to finance the expansion of the Company's growth in
the international market place.



The principal reasons for the flotation are to increase awareness of the
Palandri brand, give the Company access to capital markets, and to help expand
the Company's operations outside Australasia. A new board of directors with
international wine marketing experience at a senior level has been appointed.



Palandri will be the tenth Australian wine producer to have its shares listed
and is the first wine producer ever to have listed on the AIM market



Commenting on the announcement, Chief Executive Darrel Jarvis, said: "We are
delighted not only to have secured this funding ahead of our flotation but also
that our shares are now trading on AIM. It is a significant step forward in the
development of the Company - which is the only Australian winery listed on AIM.
With its strong and experienced team and sound financial footing, we believe the
Company has all the ingredients in place for a successful future."



Nabarro Wells has been appointed Nominated Adviser and J M Finn broker.



For further information, please contact:


Palandri
Darrel Jarvis, chief executive +61 41 990 6567
(please note +9 hrs time difference)
Advisers
David Massey +44 (0)20 7298 2220, +44 (0)7885 331817
Liz Vaughan-Adams +44 (0)20 7298 2220, +44 (0)7979 853802
Marc Cramsie (Nabarro Wells) +44 (0)20 7710 7400, +44 (0)7979 644509
John Finn (JM Finn & Co) +44 (0)20 7628 9688





NOTES TO EDITORS



About Palandri



The Company was set up in 1999 and its winery is based in the heart of the
premium Margaret River region in Western Australia. Its wines are distributed
throughout Australasia, the UK and the US and Canada. In the UK, customers
include Somerfield, the Co-op and Londis and Palandri's wines sell in the #4.99
to #8.99 price range.



Palandri currently has around 100 employees with offices in Australia, the US
and the UK. In May 2004 Palandri was awarded the prize for Excellence in Wine
Exporting at the annual Wine Industry of Western Australia awards. In the year
to June 2003, Palandri reported a pre-tax profit of A$3.36m (#1.25m*) on sales
of A$38.0m (#14.17m*).





Key Board Directors



Non-executive chairman Brian Moritz is also chairman of the Capital Markets Team
in the London office of Grant Thornton, has acted as non executive director of
12 UK listed and AIM companies and is currently director of Metal Bulletin Plc,
five AIM listed companies and one unlisted company, Navigator Holdings.



Chief executive Darrel Jarvis has more than 30 years management and professional
consulting experience in the Australian agribusiness industry. He was formerly
chief executive of Heytesbury Pty Ltd where he oversaw the growth of the Vasse
Felix winery and vineyard at Margaret River. Mr Jarvis has been CEO of the
Palandri Group since its incorporation.



Dr Chris Brown, a partner of the William Buck Group, Chartered Accountants, is
finance director. He is a member of the World Institute of Management
Consultants, the Australian Institute of Management Consultants and the
Australian Institute of Company Directors and is a Certified Practising
Accountant.





Also on the board as non-executive directors are:



Michael Cunningham OBE, a former Royal Air Force pilot and a former director of
BAe's Defence Systems division who now specialises in industrial agriculture
through the Sustainable Project Development Group. Robin Day is the principal of
Domain Day Consulting, an international wine consultancy and has 30 years in the
winemaking industry. He has worked with some of the major international wine
brands in Australia including Jacobs Creek, Orlando and, most recently, the
Pernod Ricard Group. Philip Wetz has extensive experience in the food and wine
industry, having held the position of joint Managing Director of the 400 branch
Unwins Wine Group off-license chain.





Summary Financial Information



The table below sets out summary consolidated financial information for
Palandri:




Year to 30 June 2003 Year to 30 June 2002 Year to 30 June 2001
(A$) (A$) (A$)
Pretax profit 3,356,828 1,184,461 (963,339)

(Australian Accounting
Standards)
(International 2,825, 884 229,196 (1,087,043)
Accounting Standards)

Post tax profit 3,685,937 1,040,073 1,194,416

(Australian Accounting
Standards)
(International 3,154,993 (84,808) 1,071,112
Accounting Standards)

Revenue 38,014,975 34,379,551 38,938,712





*using exchange rate of A$1 = #0.3729





ENDS






This information is provided by RNS
The company news service from the London Stock Exchange
END

MSCPUUGWQUPCURB


Palandri(PRI)