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Perich family to support Freedom Foods recap after Oaktree talks end
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The Perich familyâs pledge to invest up to $200 million in troubled Freedom Foods after recapitalisation negotiations with a hedge fund fizzled did little to quell investor concerns at an uneasy annual meeting for the troubled milk and plant-based foods manufacturer.
Tony Perichâs family vehicle Arrovest will invest up to $200 million in the recapitalistion.Â
Jacky Ghossein
Ahead of the meeting,
AFR Weekend revealed Oaktree Capital was no longer in discussions with the group, which has been suspended since last year after the departure of its chief executive and chief financial officer and revelations it had miscounted its cereals and UHT stock and misallocated expenses, forcing write-downs of $591.5 million. An extensive accounting report has also raised the prospect of fraud.
AGL issues profit warning
By Lucy Battersby
AGL shares have dropped 77¢ to a nine-year low of $12.45 this afternoon, a fall of 5.7 per cent, after the company lowered its profit forecast. It was now expecting underlying full year post-tax profit to be between $500 million and $580 million rather than between $560 million and $660 million.
The profit downgrade was due to a fire at the Liddell Power Station in New South Wales last Friday. A fire started in the generator transformer of Unit 3 during an oil cooler filter replacement. The unit was unlikely to start working gain until March 2021 and the company expects the impact of the outage and replacing the transformer to be about $25 million.
Freedom Foods financial strife linked to accounting matters weeklytimesnow.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from weeklytimesnow.com.au Daily Mail and Mail on Sunday newspapers.