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.”
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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.