BELLAMY'S PLEA FOR LONGER SHARES SUSPENSION

BELLAMY'S PLEA FOR LONGER SHARES SUSPENSION

FOLLOWING suspension of its shares earlier this month, Bellamy's (ASX: BAL) has requested for the hiatus to be extended into the new year.

The infant formula maker made the request to extend its share suspension until 13 January 2017 at the latest.

Underpinning the request, Bellamy's intends to finalise a number of negotiations with manufacturers and suppliers before reinstating on the ASX.

Bega Cheese (ASX: BGA), supplier to Bellamy's, issued a statement following the request, where it stated both companies will continue to discuss supply arrangements and volume forecasts.

Bellamy's hit its lowest point when shares almost halved after its December 2 market announcement that sales were falling, EBIT margins were declining and performance in China failed to meet expectations.

As a result, its market value dropped by more than $500 million within two days.

Slater and Gordon is one among three class action specialists currently investigating the viability of a claim against Bellamy's, on behalf of those affected by the severe sharemarket topple.

The ASX has yet to respond to Bellamy's request for an extension.

Read more from the Bellamy's saga:

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Does your pay structure answer today's challenges?
Partner Content
If you are not reassessing how your organisation remunerates and rewards employees as a...
Aon
Advertisement

Related Stories

Link Group receives $86.5m offer for banking and credit management business

Link Group receives $86.5m offer for banking and credit management business

Just one week after receiving a $2.88 billion offer from The Carlyl...

Fawkner Property acquires Stockland Cairns for $146 million

Fawkner Property acquires Stockland Cairns for $146 million

Melbourne-based Fawkner Property has acquired major shopping centre...

Big Red Group buys Experience Oz and Local Agent in multi-million dollar deal

Big Red Group buys Experience Oz and Local Agent in multi-million dollar deal

Big Red Group has acquired tourism platforms Experience Oz and Loca...

Nitro Software to raise $140 million for Connective acquisition

Nitro Software to raise $140 million for Connective acquisition

Australian document productivity software group Nitro Software (ASX...