[25 October/Otago Daily Times]

Foley Family Wines Chief Executive Mark Turnbull said discussions were under way for award-winning Mt Difficulty’s potential purchase for an undisclosed sum. Mt Difficulty had nearly 40 hectares of plantings across six vineyards. Foley shareholder approval and Overseas Investment Office approval would be required before any final transaction. The shares of Blenheim-based Foley, owned by US businessman Bill Foley, were unchanged at $1.30 following the announcement. For the year ended June, Foley Family Wines total revenue was $37.8 million, up from $34.8 million. After-tax profit had declined from $4.95 million to $3.05 million. Foley’s had total assets of $128.4 million and $10 million debt.