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Top Shelf suspends shares
Melbourne-based distiller Top Shelf International (TSI) has voluntarily suspended trading its shares on the Australian Securities Exchange (ASX).
In a statement from TSI’s CEO Trent Fraser, it was confirmed that the company had requested suspension from trading as a result of not being in a position to release its audited financial statements on 30 September 2024. Fraser said this was due to the company being in the process of negotiating with its senior lender and its largest creditors.
Fraser maintained that TSI will “closely review” its operating strategy while it is suspended from trading, adding that it “continues to progress discussions with a number of parties regarding the provision of funding and potential transactions to address its short- to medium-term operating needs and the repayment of outstanding creditors.”
The suspension will allow TSI to finalise a “funding pathway” while conserving cash. It is expected to finalise the review in the fourth quarter of 2024.
Top Shelf’s brands include Australian whisky Ned, Grainshaker vodka, and an Australian agave spirit – a first-of-its kind spirits category – called Act of Treason.
In its financial results for the year ending 30 June 2024, the company reported a gross profit increase of 17.9%, from AU$6 million (US$4m) to AU$7.17 million (US$4.8m).
Leadership switch
It was also announced yesterday (7 October) that Dimitrios Argyriou will be taking the reins as an interim replacement for departing CFO Ben Kennare, who joined TSI in 2021.
Argyriou was cited as an ‘experienced CFO’ with a background in consumer goods and experience in both private and ASX-listed environments.
In a statement regarding the change, Fraser wished Kennare “the very best” in his future endeavours.
He said: “On behalf of all at Top Shelf, I would like to acknowledge Ben for his commitment and dedication to the company, and I would like to personally thank him for the support he has provided me since I joined Top Shelf several years ago.”
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