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retailer East End Cellars said
the Colonial Estate wines were
classy, pricey and sold mainly in
"We had a little bit come
through here and they were
pretty expensive," Mr Theodoros
"Their lower end included a
$38 Semillon, but most interest
was in the migr blend at above
$100 and the $245 Exile Shiraz.
"It was an interesting story --
the mysterious Jonathan Maltus
with his international empire
and an obvious knowledge of
wines, making these quite rich
Barossa style wines for the
top-end US market," he said.
"But the Americans just
stopped buying when the
financial crisis hit."
Pablo would know, with US
clients once being a key part
of East End s door-to-door
premium wine business.
"The American market is
dead in the water for us.
"We assume it s the same
for the winemakers because
were are now getting offered
premium wine to sell locally and
when it arrives it s got a US back
Things are quieter now at
Colonial Estate s winery near
The receivers didn t have a
lot of time up their sleeve when
deciding how to handle the busi-
ness with Maltus s winemakers
"We didn t do the 2010
vintage," receiver John Hart
"We sold the grapes to another
winery and the operation is on
a skeleton staff of two full time
and two part time employees.
"We re still delivering some
back orders and we realised we
had some incredible wines on
"We ve got packaged branded
and bottled wines, some bottled
but still as cleanskins and some
"But rather than pick the eyes
out of the business we decided
it should go as a whole lot -- it s
a quality asset, although the
brand name s reputation is
highly regarded overseas and
little known here."
Colliers International is
selling the estate.
Agent Tim Altschwager said
there had already been "lots of
"We receive a lot of enquiries
to purchase boutique wine
businesses such as this one.
"Despite the general percep-
tion that that there is a host of
wineries for sale, this is not the
case," Mr Altschwager said.
"Transactions occur only
periodically. This is an excellent
opportunity. While there are
plenty of vineyards for sale, top
class wineries rarely come up."
Meanwhile, back in France,
Jonathan Maltus ponders his
future as a victim of the global
The Nigerian-born, English-
educated entrepreneur is a
classic example of expansion,
banks and booms and inevitable
Barossa Valley locals believed
he had a European wine
pedigree, but his background
was as a project manager in gas,
electricity, pharmaceuticals and
Starting his first company at
age 21, he had made his fortune
by age 36 and then took what he
called a "gap year" to ponder his
In that year he met a win-
emaker, and in the early 1990s
started his own education as a
He bought and sold a couple
of small operations in France
and then began a long process of
"We buy something every
year; every two years maxi-
mum," Maltus told Margaret
Rand in niche wine magazine
The World of Fine Wine in late
No sooner had he expanded
his French holdings than he
appeared in Australia and
bought Colonial Estate in the
Barossa and a large operation in
California s Napa Valley.
"I ve been doing a lot of
kneeling to banks," he said at
In an odd twist, he named his
final acquisition "World s End".
All the businesses were
built on direct sales with little
concern for brand building.
But when the share markets
collapsed and half of Wall
Street s high flyers emptied
out their offices, the market for
direct sales to premium buyers
Some of the best wine in the
world is warehoused at Colonial
Estate, in one of the world s top
There will not be a 2010
vintage -- a testament to the
day on Seventh Avenue in New
York in September 2008 when
Lehmann Brothers financial
services started a crash that s
finally delivered a blow to the
cellar doors at the Barossa
Valley s Colonial Estate.
Sitting somewhere in
his Chateau Teyssier
estate in France, English
entrepreneur Jonathan Maltus
is perhaps pondering why it
went so wrong.
The answer is simple -- the
Global Financial Crisis -- when
expensive tastes gave way to
Maltus s story is the classic
example of how exposed South
Australia s high end premium
wine industry was in the event
of a shift in overseas market
The Colonial Estate Wine
Company Pty Ltd -- one of three
key projects in the Maltus
empire -- is in receivership after
the banks moved in last month.
The company had been selling
off a few assets to reduce debt,
but banks get nervous very
quickly these days and they
stepped in on March 2nd.
Up for sale as a single lot are a
vineyard with 100 year-old vines
in the Barossa Valley, a first class
winery operation and a million
dollars worth of wine that have
sparked interest even before the
sale went public.
"This is a different offering
to anything we ve seen in a
long time," appointed receiver
manager Ferrier Hodgson s
John Hart said this week.
"Of all the wine assets we ve
had in the last few years, this is
as good as it gets."
Even before the assets went on
sale, the receivers were getting
queries from local premium
wine retailers with an eye on the
much sought after wine.
Pablo Theodoros at fine wine
An update to last week's story
on industry submissions to the
State Government's mining safety
regulations review; SafeWork's Peter
Adams tells us 15 responses and
nine submissions to the discussion
paper include one academic, three
industry bodies, three individual
employers, one Government Agency
and one individual. Two other organi-
sations have sought extensions
of time, which have been granted.
"The submissions are generally
supportive of the proposed approach
with key topics including Safety
and Health Management Systems,
Principal Hazard Management
Plans, Emergency Response Plans,
Audit and Review of Safety and
Health Management Systems and
Authorised Industry Health and
Safety Representatives," Mr Adams
said. Those figures suggest to us
that a lot of mining companies
haven't taken much interest.
The Australian Institute of
Management is holding a workshop
for managers on "How To Deal
With Grumpy, Moody Co-Workers".
Presented by Ian Wilson, a principal
consultant with AIM, the promo-
tional flyer says Ian has consulted
around Australia in many industries
and has dealt with many grumpy,
moody people. We think he might
also be able to carve out a career
training AFL coaches and club
New career options
Australia is not keeping up with the
booming demand for Geospatial
professionals, UNSW Professor,
Chris Rizos, told the world surveying
congress in Sydney this week.
"Technology has revolutionised
the world of surveying and spatial
information in general, but we can
no longer meet the needs of industry
and government here," Professor
Rizos said. "Sectors using geospa-
tial technology are exploding,"
Professor Rizos said. "It includes
satellites, agriculture, climate,
disaster response, urban planning,
navigation, consumer electronics,
mining, manufacturing, construction
and global security, to name just a
few." Brief Case is still struggling
with how to program the VCR.
And a pub nearby...
Colliers International has been
appointed as sole agent to sell
one of Adelaide's landmark office
towers, 55 Currie Street, MTAA Super
House. Alistair Mackie, director
of Investment Sales at Colliers
International said the tower, which
is one of the biggest in Adelaide, is
also the largest on-market offering
seen in Adelaide in the last decade.
"It really is a landmark trophy asset
and presents a rare investment
opportunity to the broad investment
market." MTAA Super House is
prominently located on the southern
side of Currie Street, on the corner
of Topham Mall, some 200m west
of King William Street. It comprises
approximately 25,726sq m of net
lettable area over 12 levels with 95
secure on site basement car parks.
Mr Mackie said MTAA Super House
occupies a high profile position on
Currie Street and is well recognised
because of its expansive frontage
and unique contemporary design.
Émigré sells at more than $100 a bottle -- barrels
of it sit in Colonial Estate's cellar. Top: Built in
2005, Colonial Estate's premium wines were a hit
on the finest tables in New York.
OZ MINERALS (OZL)
First quarter production from OZ Minerals Prominent Hill
Mine, located in northern South Australia, was 31,909
tonnes of contained copper and 41,572 oz gold, which
was ahead of expectations.
As a result, Oz Minerals has increased its forecast average
gold production for 2010 to 2012 to 100,000 - 110,000oz
up from 80,000oz -- 90,000oz previously and lowered
forecast cash costs to US80c/lb - US90c/lb from US85c/
lb - US95c/lb for 2010. Forecast copper production has
been maintained at 100,000t -- 110,000t.
With a strong cash position, a performing mine and
an extensive exploration program OZ Minerals is well
positioned going forward.
Sharebrokers and Investment Advisers
Telephone (08) 8217 3900
Warning (General advice only): Past performance is not a reliable
indicator of future performance. The recommendation in this
advertisement is made without reference to its appropriateness to
your investment objectives, financial situation and particular needs.
Before acting on this general advice, you should discuss with your
investment adviser the appropriateness of this recommendation to
your own specific circumstances.
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