Limit on Montana capital notes

Yesterday the wine maker said that the $50 million allocated to the public pool under the issue had been oversubscribed.

Lead manager of the issue, JB Were, says valid applications received before 8am yesterday for up to $22,000 have been accepted in full and applications in excess of $22,000 have been accepted as to $22,000.

Any applications received after 8am yesterday have been rejected.

The company says allotments were made with a view to ensuring a widespread of retail investors, and holder statements, with refund cheques where applicable, will be mailed later this week.

Applications for firm allocations by clients of members of the NZSE will continue to be accepted by the registrar.

Montana is raising the money to pay for its purchase of Corbans from DB Group, which was completed at the end of last week.

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