It’s difficult for troubled winemaker Reynolds Wines Ltd to keep out of the news. Its shares have been suspended yet again, this time after the company went into voluntary administration, citing the A$10 million tax bill it has been fighting the Australian Taxation Office to reverse as the major reason for its present difficulties. At www.onwine.com.au I reported on May 16 that Reynolds actually claimed to have overpaid its taxes, and was still hopeful of having A$8.1 million returned to its accounts. Reynolds’ legal bill is in the vicinity of A$1 million. Its shares last traded at 7.9 cents. The company listed in 1999 at A$1.
