Australian Vintage's Response to Media Speculation

Australian Vintage Limited (ASX: $AVG) is responding to recent media speculation about consolidation in the Australian wine sector and a potential transaction with Accolade Wines. The company's Strategic Review, as outlined in its Half Year 31 December 2023 results, has identified initiatives to maximize shareholder value, including potential transformational mergers. AVG confirms that it is in exploratory discussions with Accolade, but emphasizes that these discussions are at a very early stage, with no certainty of a transaction eventuating. The company also commits to keeping the market informed in line with its continuous disclosure obligations.

Executive Commentary

AVG's Chief Executive Officer, Craig Garvin, stated, 'We are exploring potential opportunities to enhance shareholder value, and the discussions with Accolade Wines are part of this strategic review. It's important to note that these discussions are in the early stages, and there is no guarantee of a transaction at this point. We will continue to provide updates to the market as required.'

Summary of Announcement

Australian Vintage Limited (ASX: $AVG) has confirmed that it is in exploratory discussions with Accolade Wines following recent media speculation about consolidation in the Australian wine sector. The company's Strategic Review has identified potential initiatives, including transformative mergers, aimed at maximizing shareholder value. While the discussions with Accolade are at an early stage, there is no certainty of a transaction materializing. AVG has committed to fulfilling its continuous disclosure obligations by keeping the market informed. Looking ahead, AVG's strategic review indicates a focus on initiatives to enhance shareholder value, with the potential for transformational mergers playing a key role in the company's corporate strategy.