Mr Yukich purchases Penfolds shares

Press, 1 June 1977, Page 19

Mr Yukich purchases Penfolds shares

PA Auckland. l Mr Frank Yukich, the) Montana Wines pioneer, has! bought the controlling inter-| lest in Penfolds Wines (N.Z.)I Ltd. through his trading I company, Castel Wines and I Spirits, Ltd. He has bought the Austra-lian-owned Penfolds shares plus some from Dominion Breweries, Ltd,. to total 64 per cent of the shareholding. The remaining 31 per cent is held by N.Z. Wine and Spirit Merchants, Ltd. The name of Penfolds ■will be retained through Penfolds Australia retaining a 5 per cent shareholding. The Australian company will have a seat on the board — its managingdirector or, as an alternative, its chief winemaker. Advantages to the New Zealand company in this deal are that it can call on ! the services of Penfold’s chief winemaker: it can make use of Penfold’s technical expertise; and it will have access to Penfold’s facilities for staff training. It. can also market overseas under the Penfold name pro-);

Ivided the wine is labelled iPenfolds (N.Z.). ■ Penfolds Australia will I continue to market its wines iin New Zealand through its 'traditional outlets. I The shares in the com pany came on the market after the purchase of Penfolds Australia by Tooth and Company, Ltd, and its decision to quit all Penfolds interests other than winemaking in Australia. Mr Yukich, virtual founder of Montana, has been in semi-retirement for three years. "I’m ready for another challenge, and the opportunity to show my expertise,’’ he says, He quit Montana Wines, Ltd, as its working boss after infernal company disagreement on policy. But, he remained deputy-chairman and a substantial shareholder. Two years ago he started, with others, Castel Wines and Spirits, a group of wine shops, which, as well as handling most local brands, has its own labels. This wine was bought in bulk and bottled by the company.