Nod for Te Kairanga Wines' rights issue

Troubled Martinborough-based Te Kairanga Wines has got the nod from its shareholders to sell $5.5 million of new shares.

At the company's annual meeting, the go-ahead was given for a $4.5 million rights issue, with three new $1 shares for each two shares now owned.

It was also agreed that former Montana Wines managing director Peter Hubscher should be able to buy a further million $1 shares.