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Martinborough Vineyard returns to Unlisted bourse

BUSINESSDESK: Martinborough Vineyard Estates, which touts its award-winning pinot noir, has rejoined the Unlisted trading bourse after a three-year absence.

Trading in the Wairarapa-based winemaker on Unlisted will resume today in what the company says will give shareholders a transparent price. Martinborough Vineyards first listed on Unlisted in 2005 before discontinuing trading in 2009.

The vineyard almost halved its loss to $2.37 million in the year ended June 30, 2011, even as sales sank by a quarter to $3.41 million. It breached its bank covenants on $6.07 million of debt in the 2011 financial year.

In the 2011 annual review, executive chairman Duncan Milne said the company was focusing on returning to profitability and reducing debt.

The vineyard's biggest shareholder is Sinclair Long Term Holdings, a vehicle associated with Forsyth Barr chairman Eion Edgar, with about 12%.

New Zealand wine exports grew an annual 8% to $1.12 billion on a 10% lift in volumes, according to industry figures