RFG shares in massive fall
RETAIL Food Group shares have plunged to their lowest level in nine years after a three- day freeze was lifted yesterday.
Shares in the owner of chains including Donut King and Gloria Jean’s Coffees tumbled 36.5 per cent, or 74.5c, yesterday to $ 1.295 – their lowest level since early 2009.
It was the first day of trade since the group – which also owns Brumby’s Bakery, Michel’s Patisserie, Crust Gourmet Pizza and Pizza Capers chains – announced plans to shut up to 200 stores. Shares in Retail Food were put in a trading halt last week, then suspended from trade, as it failed to release its first- half results on time. When the accounts were released on Friday, they revealed a net loss of $ 87.8 million for the six months to December. AUSTRALIAN shipbuilder Austal has won a $ 68 million contract to design and build a ferry that will run between Japan and South Korea.
Austal says the new 83m trimaran ferry for JR Kyushu Jet Ferry of Japan will carry 502 passengers at 37 knots between Fukuoka, Japan and Busan, South Korea. Construction of the vessel will start late this year and services are scheduled to begin before the Olympic Games in Tokyo in 2020.
Chief executive David Singleton said the contract marked a positive start to the year for the company.
“( The contract) reflects our continued focus as a technology- led organisation in developing industry- leading, customised solutions for commercial operators around the world,” Mr Singleton said.