Australian Whisky Holdings eyes future growth
Australian Whisky Holdings (AWH) has settled the loans that were required for the purchase of the Nant Estate in Tasmania and is now eyeing future growth.
The principal loans of $4,810,000 to Bananacoast Community Credit Union and Dowd Corporate Finance were settled with proceeds of the capital raising the company announced in November last year. That raised a total of $11,946,049 and in a statement to the ASX, AWH said that after the loan repayments, the company holds cash resources in excess of $9m.
Chairman of the company, Terry Cuthbertson said: “The company continues to have a positive support from its shareholders that has enabled the company to reposition its balance sheet to support the future growth plans of the business.”
The loans for the Nant purchase were due to mature in mid-February 2019, but have now been repaid early.
AWH said: “Following the release of the security by the lenders the Nant Estate is now unencumbered. The retirement of these major secured creditors from the recent capital raising has significantly strengthened the group’s balance sheet.”
Looking to the future, AWH added: “The company continues to strengthen the financial position of the group and looks forward to expanding the production capacity of its distilleries into the new year.”