Australia's Evans & Tate convertibles holders to vote on covenant waivers

By Jennifer Chiou

New York, June 1 - Evans & Tate Ltd. will hold a meeting for 8.25% convertible noteholders on June 29 in Sydney, Australia, in order to vote on the continued waiver of financial covenants in the trust deed of the notes, according to a company news release.

The Wembley, Western Australia-based winemaker said that the waiver has been granted twice previously and that the current waiver expires on June 30.

The company said on March 7, 2006 it had "become aware" that it failed to meet the covenant requirement that total liabilities not exceed 80% of total assets.

Holders will consider the continued waiver of any event of default that may arise during July 1 to Oct. 29.

Evans & Tate said the waiver is linked to its plan for the full financial restructure of its balance sheet.

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