UK/AUS: Palandri issues profit warning, shares suspended
Trading in shares of Australian wine producer Palandri Ltd has been suspended on the London Stock Exchange's Alternative Investments Market (AIM) after the company issued a profit warning.
Palandri suspended trading on the AIM saying that there were issues with internal group transactions and warning that interest costs may hit net profit. The company said it was having difficulty establishing the accounting treatment of funds raised from the inter-group transfer of the rights to the future use of the Palandri brand name.
The company added that net profit may be significantly below market forecasts as a result of higher-than-predicted interest costs relating to debentures issued to finance loans.
When the company's shares were suspended they were some 60% down from a year ago.
Palandri launched on the AIM in June 2004 but its corporate structure, comprising several companies focusing on different functions, has been seen as confusing by some observers. The company has raised some A$100m (US$75m) since the establishment of the new tax-efficient corporate structure.
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