It really wasn’t IncentiaPay’s day
THE former owner of Gold Coast-based trade exchange business Bartercard has had a very bad week.
IncentiaPay, which last month finalised the sale of Bartercard for $5 million to the company’s former chief finance officer Tony Wiese, has seen its shares plunge 66.66 per cent yesterday to just 2.6 .
That gives it a market cap of $5.93 million, compared to $17.8 million at the start of the day. The plunging value followed updated guidance issued on Thursday where IncentiaPay said it no longer expected to deliver underlying pretax earnings for this financial year of between $3 million and $5 million. It also said it was unlikely to be able to draw down further on its current debt facilities for FY19.
IncentiaPay also said CEO Iain Dunstan (pictured), brought in last year at the behest of a minority shareholders’ group, had left and has been replaced by Darius Coveney as acting CEO.
Former executives at the company, including Mr Wiese, who were pushed out after pressure from shareholders, may be feeling some sense of schadenfreude – the company appears to have little prospect of reaching the heights it did under former management.