The Board of Evans & Tate Limited (ASX:ETW) met 14 March to
consider the results of the due diligence investigations relating to Yarraman Winery Inc (“Yarraman”) under its 20 February 2007 Proposal for merger by way of Scheme of Arrangement.
The Board did not consider that satisfactory evidence of Yarraman having secured debt and equity sufficient to complete their proposed transaction had been provided.
In these circumstances, the Board of Evans & Tate has resolved to terminate
the agreement with Yarraman. Evans & Tate will immediately resume work on any other proposals. The Board and management of Evans & Tate remain committed to achieving a commercial and sustainable outcome for the Company’s stakeholders.
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