Competition to win a case of Black Tower wine does not apply to Ireland – only the UK. Even though it is advertised on Facebook and picked up in Ireland.

black tower motherhood

1 hr

 

The motherhood 馃憡

Powered by love, fuelled by coffee… And sustained by wine! 馃嵎

Shout out to your motherhood-mates in the comments below and you could be in with the chance of winning a case of Black Tower wine!!

For full t’s & c’s please see the Notes section of our Facebook page.

Alcohol is a teratogen – can damage your developing baby’s brain.

black tower motherhood

1 hr

 

The motherhood 馃憡

Powered by love, fuelled by coffee… And sustained by wine! 馃嵎

Shout out to your motherhood-mates in the comments below and you could be in with the chance of winning a case of Black Tower wine!!

For full t’s & c’s please see the Notes section of our Facebook page.

Australia鈥檚 biggest wine company, Treasury Wine Estates, is being sued by its own shareholders for the third time in three years.

treasury penfolds

After making an A$49 million (拢25 million) payout in 2017 over its corporate conduct, the company has been served with two class actions in the past month. They both claim that Treasury鈥檚 management misled them over the true state of the business for 18 months, causing them unwarranted losses.

In January Treasury cut its forecast growth in earnings for 2019-20 from an earlier estimate of between 15% and 20% to between 5% and 10%. The update, released after the market had closed for the day, shocked investors. When it opened the next morning Treasury鈥檚 shares lost a quarter of their value.
The company said it had lowered its forecasts because of its weak performance in the US, where it had been hit by a wine surplus, challenging conditions and unexpected management changes.

The aggrieved shareholders claim that Treasury had problems in the Americas well before an earlier growth forecast was issued in the middle of February 2019. A similar action was begun by another group of shareholders in early April.

When lodging the claim on Friday in the Victoria court, Miranda Nagy, the lawyer representing the latest shareholders group said: 鈥淔rom at least June 30, 2018 to January 28, 2020, Treasury鈥檚 US performance was in decline, with diminishing sales, a weak US brand portfolio overall and slowing growth of its key brand 19 Crimes, added to which were unsustainable levels of inventory held by its distributors.

鈥淭reasury failed to disclose these problems. It also did not correct many representations from earlier years that it had 鈥榬eset鈥 the US business in financial year 2015,鈥 she said.

The lead plaintiff in the latest action, investor Steven Napier, said: 鈥淚nvestors are entitled to be informed about the health of the companies they are investing in. Treasury has betrayed those of us who in good faith put our money into the company. We deserve transparency and proper information to inform our decision making,鈥

The company said: 鈥淭reasury Wine Estates has strong corporate governance practices and procedures in place that were used in our market update. TWE will vigorously defend any action.鈥

Earlier this year Treasury said it was looking into a demerger of its iconic Penfolds brand by the end of 2021, following a wide-ranging review.
鈥淲e consider all options and have looked at all different options,鈥 chief executive Michael Clarke said. 鈥淲hat we鈥檙e putting forward is strategically what the board thus far has approved for us to look at, to work on and to execute.鈥

Clarke is leaving the company in the summer and his successor may face the thorny problem of the class actions remaining unresolved as plans for the demerger are drawn up.

Since the profits downgrade in January the company鈥檚 trading will have been hit further by the Corona virus pandemic, especially as China is now its main export market.

TWE sued by shareholders

 

Men disrespecting women. Jacobs Creek by Pernod Ricard.

jacobs creek my wife joined a book club

 

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