The Australian Securities Exchange has shown mercy to some of the mangiest dogs on the market, by offering them free euthanasia on Monday. Yesterday the ASX provided a list of companies that had failed to pay their annual listing fees and are set to be delisted. Among them is the Bill Ireland-headed Mariner Corporation, whose shares have dipped 99.6 per cent since their 2007 peak.
Mariner conveniently suspended its shares from trading on Friday ”pending an announcement in due course regarding a proposed business and capital restructuring”. It is unclear if the ”restructuring” just related to being delisted.
Other dogs set to be put down have already been put into liquidation or administration. They include the once Phil Sullivan-headed City Pacific, Timbercorp, Great Southern and the chook and pig drug developer Chemeq.
A short-lived strata manager that is now in administration and receivership, TEYS Limited, is also on the delisting list.
Luckily, TEYS’s former managing director, Michael Teys, has set up a new business called TEYS Lawyers.
The address and phone number of the new business are the same as those for the one that is in administration and receivership.
Ian Johnston … “Look what is happening.” Photo: John Shakespeare
The chief executive of Foster’s, Ian Johnston, seems rather encouraged by the booze group’s $464 million full-year loss.
”Last year, people were saying, ‘What’s happening at Foster’s?’ ” Johnston remarked to a briefing of analysts yesterday.
”This year, it’s more like, ‘Look what is happening at Foster’s.”
Maybe those people are heavy drinkers.
The group’s Carlton United Brewery arm reported a 5 per cent rise in pre-tax profits to $904 million.
The soon-to-be demerged Treasury Wine Estates division reported a 27 per cent fall in pre-tax profits to $221 million – before write-downs of $1.3 billion. Leer más “Beer goggles put rosy tint on Fossies”