Top Shelf International, parent of Ned Australian Whisky, is seeking buyers for all or some of its assets after having its shares suspended from trade since September.
The ASX-listed company confirmed to the Australian Financial Review it has engaged EY’s Melbourne M&A team for advice and is now in the second stages of the sale process.
AFR sources said the company has received multiple non-binding offers from local and offshore buyers in the past month.
Top Shelf’s assets include a brew house for whisky, distillation column and pot stills for whisky and vodka and flexible packaging for beverage cans and bottles. It also owns a 430ha farm in the Whitsundays, along with the Ned whiskey brand, Grainshaker Australian Vodka and Act of Treason Agave.
The Melbourne-based company began trading on the ASX in late 2020 and has witnessed its share price go down from $2.21 to just 4 cents apiece.
The firm announced last month it had extended its $22 million debt facility to the end of next year and added two tranches at a 20 per cent per interest rate.
In January, Top Shelf unveiled a new agave spirit brand called Act of Treason, an agave spirit brand made at one of its most progressive distilleries.
