Photon Group relegated from the ASX 300 as Ten Network enters ASX 100
Photon Group today dropped out of the ASX 300 because the company’s reduced market capitalisation means it is no longer among Australia’s 300 most valuable listed companies.
S&P Indices today announced its quarterly updates on who is in and out of the ASX50, ASX100, ASX200 and ASX300.
Photon Group, whose market capitalisation is now just under $18m, was one of 14 companies to drop out of the ASX300.
In the update, S&P Indices said: “Company additions to and deletions from a Standard & Poor’s index do not in any way reflect an opinion on the investment merits of the company.”
Photon Group has been though a tumultuous few months as the company sought to reschedule its debts and clocked up an $87.5m loss. The company’s CEO Matt Bailey and chairman Tim Hughes have both departed and it embarked on a do-or-die $100m recapitalisation.
The company owns some of Australia’s best known agency names includign BMF, BWM and Naked Communications. AdNews reports today that BMF co-founder Matthew Melhuish is to head up the restructured Photon’s agencies division, a move first signalled back in June when Jeremy Nicholas was promoted to CEO of BMF and Melhuish became executive chairman.
Meanwhile, the improving fortunes of Ten Network Holdings, with a market capitalisation of $1.5bn, have seen it enter the ASX100.
Tim Burrowes founded Mumbrella in 2008. He worked on Mumbrella until 2021. At various points he was editor, content director and editor-at-large.
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Good to see iiNET entering the S&P 300 for the first time as well!
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I suspect the end of year festivities will be scaled down this year… bummer.
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