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.


Get the latest media and marketing industry news (and views) direct to your inbox.

Sign up to the free Mumbrella newsletter now.



Sign up to our free daily update to get the latest in media and marketing.