AUSTRALIA: Evans & Tate shares on trading halt
Shares in Evans & Tate were placed on a trading halt today (28 June) at the request of the company, pending the release of an announcement by the Western Australian winemaker.
In a statement on the Australian Stock Exchange, the ASX said that unless it decides otherwise, the securities would remain in pre-open until 30 June or when the announcement is released, whichever is earlier.
It has been a tough few days for the company which has seen the value of its shares halve over the last week, as investors sell in response to market concerns over the heavily indebted company.
Following a fall of 14% on Wednesday, the shares fell by a further 18% on Thursday, adding further pressure to the company's debt-to-equity ratio. The shares hit a record low of A$0.42 before closing down A$0.11 at A$0.49c, around half their value at the start of the year.
Last week, Evans & Tate responded to newspaper reports that its bank ANZ was concerned about the debt levels of the company and that the winemaker had employed corporate advisory firm Korda Mentha to make an assessment of its financial position.
In a statement released to the Australian Stock Exchange, the company denied that it had employed Korda Mentha as administrators and added that it "continued to enjoy a good relationship with its bankers, ANZ Banking Group."
Australian wine company Evans & Tate has suffered acutely as grape oversupply and weak exports have combined to hit the Australian wine industry hard. David Robertson reports on the company's woes and...
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