News

AUSTRALIA: Evans & Tate shares on trading halt

Most popular

Latest sexism row is a whisky watershed

Heineken must cut costs to aid recovery - analysis

The just-drinks analyst returns

Interview - Treasury CEO Mike Clarke - Part II

How COVID has accelerated the sobriety trend

MORE

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."


Sectors: Wine

Companies: Evans & Tate Wine Group

Related Content

Coca-Cola Amatil Q1 2020 - Sales rise by low single-digits - trading update

Coca-Cola Amatil Q1 2020 - Sales rise by low single-digits - trading update...

Will Australia's bushfires bring on wine industry burn-out? - comment

Will Australia's bushfires bring on wine industry burn-out? - comment...

Who were the top beer influencers on Twitter in Q2 2020? - analysis

Who were the top beer influencers on Twitter in Q2 2020? - analysis...

Stock Spirits acquires Distillerie Franciacorta but shareholder row rumbles on

Stock Spirits acquires Distillerie Franciacorta but shareholder row rumbles on...

Oops! This article is copy protected.

Why can’t I copy the text on this page?

The ability to copy articles is specially reserved for people who are part of a group membership.

How do I become a group member?

To find out how you and your team can copy and share articles and save money as part of a group membership call Sean Clinton on
+44 (0)1527 573 736 or complete this form..



Forgot your password?