AUS: Treasury Wine Estates halts ASX trading, reviews H1 results
TWE has endured a troubled time of late
Treasury Wine Estates (TWE) has been granted a halt in trading of its shares on the Australian Stock Exchange “pending an announcement” by the group.
The company made the request earlier today (28 January) as it says it is reviewing its ‘preliminary’ half-year results and the “implications for the company’s full-year forecast”. The trading halt will remain in place until Thursday (30 January) or when the announcement is made.
The group had a troubled time in 2013 after announcing it was destoying old and out-of-date US stock adding up to a AUD160m (US$145.7m) writedown. This led to a 53% drop in full-year net profits. It is also facing two separate lawsuits from shareholders over its US business activities.
In September, TWE also parted company with its CEO David Dearie, with a permanent replacement yet to to be appointed.
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