Stockland and Link join guidance withdrawal bandwagon

Stockland and Link join guidance withdrawal bandwagon

More companies have joined the growing list of guidance withdrawals today, including Stockland (ASX: SGP), Link Administration (ASX: LNK), JB Hi-Fi (ASX: JBH), nib Group (ASX: NHF), Abacus Property Group (ASX: ABP), Viva Leisure (ASX: VVA), Arena REIT (ASX: ARF), Coventry Group (ASX: CYG) and MMA Offshore (ASX: MRM).

This adds to a raft of similar actions on Friday from Sonic Healthcare (ASX: SHL), Vicinity Centres (ASX: VCX), Scentre Group (ASX: SCG), Carsales.com (ASX: CAR), Charter Hall Retail REIT (ASX: CQR), Credit Corp (ASX: CCP), Raiz Invest (ASX: RZI), Vita Group (ASX: VTG), Valmec (ASX: VMX) and iCar Asia (ASX: ICQ).

Other companies that have previously withdrawn guidance in response to the pandemic include: Boral (ASX: BLD), Downer EDI (ASX: DOW), Adairs (ASX: ADH), Village Roadshow (ASX: VRL), GPT Group (ASX: GPT), Nine Entertainment (ASX: NEC), Bluescope Steel (ASX: BSL), Redcape Hotel Group (ASX: RDC), Prospa Group (ASX: PGL), Hills (ASX: HIL) Accent Group (ASX: AX1), EML Payments (ASX: EML), Ramsay Health Care (ASX: RHC), Aristocrat Leisure (ASX: ALL), Mirvac Group (ASX: MGR), REA Group (ASX: REA), Monadelphous Group (ASX: MND), Coca Cola Amatil (ASX: CCL), Cochlear (ASX: COH), oOh!media (ASX: OML), Qantas (ASX: QAN), Webjet (ASX: WEB), Helloworld (ASX: HLO), Flight Centre (ASX: FLT), Corporate Travel Management (ASX: CTD) and Apollo Tourism & Leisure (ASX: ATL).

Covid-19 uncertainty claims scalp of Freedom Oil and Gas

The Covid-19 pandemic - combined with lower oil prices driven by a reduction in demand and a price war between Saudi Arabia and Russia - appears to have claimed the scalp of Freedom Oil and Gas (ASX: FDM).

The company has seen its share price deteriorate to an eighth of its former value over the past 12 months, but it was planning to raise capital to stay afloat.

As equity markets are so volatile at the moment that is no longer on the cards, so Freedom Oil and Gas announced this morning it had appointed Mr Steven Nicols of Nicols + Brien as a voluntary administrator.

"The Company has been working closely with its primary lender Wells Fargo and preferred equity holder, Ramas Capital Management, over the past few months, however, the current oil price environment combined with COVID-19's impact on the global equity markets has impacted the Company's opportunities to recapitalise and contributed to the Directors decision to put the company into voluntary administration," the company said.

Updated at 11:13am AEDT on 23 March 2020.

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