Photon shares hit new low

Shares in Photon Group today sank to an all time low of just 3.4c on the ASX, giving the company a market capitalisation of only just over $50m.  

The share price of the company – which includes major Australian agencies such as BMF, BWM and Naked – began a downward trend about ten days ago following a couple of months of relative stability.

Existing Photon shares were heavily diluted in late November last year when recapitalisation saw them revalued at 10c. The restructure came as it became clear that the company would be unable to pay the earnouts it owed to founders of some of the agencies it had bought.

The highest the company’s shares went in its seven-year history on the ASX was around $125 per share in late 2007.

The company’s last official trading update was in May when it said revenue was down 6% and profits down 18% on the same period in 2010. Since then BWM has been dropped from the Telstra roster.

Photon’s results for the financial year just ended should be released shortly.


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