If not exactly a marriage made in heaven, Evans & Tate has finally consummated its merger with Cranswick, creating Australia’s seventh largest wine producer and our sixth largest exporter. The deal means that Cranswick shareholders will receive two fully paid ordinary Evans & Tate Shares and A$2.50 cash for every five Cranswick shares. Furthermore, Cranswick convertible noteholders will have their notes varied in the name of Evans & Tate and will be extended by a further three years to October 2007 when they convert into Evans & Tate fully paid ordinary shares. Cranswick convertible noteholders will also be issued an option to acquire one ordinary fully paid share in Evans & Tate for every five Cranswick convertible notes they hold. This option will be exercisable at $1.50 and will expire in October 2007.
