iwi shareholders vote for the windup plan

IWI shareholders voted 84% for the plan to wind up IWI by June 2009.

So finally, it official ! IWI is headed down the terlet. Old Renee and his tasmanian mate were right.

Now there are two key uncertainties for IWI.

Firstly, they have to dispose of some unlisted holdings in some wine-related businesses. They could go for any stupid sort of value.

Secondly, they have to dispose of their shares in Constellation which is a large US listed company. Well at least, they are easy to sell. What they get for them very much depends on how Constellation shares perform on the US market in the next 12 months. I hope the IWI mgt think very carefully about the timing of the sale.