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Shellproof's takeover of Kent-based vineyard Gusbourne Estate has moved towards completion.

The investment business – which specialises in the production, sale and distribution of English sparkling wine – announced all resolutions were passed at its annual general meeting so the acquisition of Gusbourne could proceed to completion.

Placing shares and vendor shares related to the deal started at 8am this morning (27 September 2013).

The total issued share capital in Shellproof is now 15.2 million ordinary shares of 50p.

One of the resolutions passed at the meeting confirmed that Shellproof will change its name to Gusbourne plc, although the company stated it will not disclose when this will take place until deemed appropriate.

Shellproof agreed to buy Gusbourne for £7m at the start of the month in a deal advised by Brabners.

Shortly after the move was announced, Gusbourne's owner and chairman designate Andrew Weeber told Insider about his plans to expand into the Far East.

Gusbourne, which is based at Appledore, mainly produces English sparkling wines, winning gold medals at the 2013 International Wine and Spirit Challenge and the 2013 International Wine Challenge.

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