Announcement of Lease of land at Seddon

 The Board of Directors is pleased to advise that negotiations for the long term lease of a large parcel of land neighbouring our existing Seddon vineyard have been successfully concluded. The lease, which will commence in May 2020 and is for approximately 60 ha of plantable area, includes a first right of purchase if the land was to be sold in the future. The area will be developed from April/May 2020 and subject to a final survey we will plant approximately 40 ha of Sauvignon Blanc and 20 ha of Pinot Noir in Spring 2020. Villa Maria has confirmed that the additional area will be included in our Grape Supply Contract. This addition offers economies of scale, where it can be run by the existing management, use existing machinery and existing water rights and storage from the new water storage dam. It has the potential to provide a valuable increase in the company’s profitability in the medium to long term.