Quickflix suspended from trading permanently as death spiral continues
Troubled streaming movie service Quickflix had another nail hammered into its coffin today as it joined a raft of companies suspended from trading on the Australian Securities Exchange (ASX) for failing to pay listing fees.
The shares have been in a trading halt since August 2015 as the company fought to avoid insolvency, with administrators appointed in April.
Suspension of the company’s permission to resume trading – as unlikely as it appeared – comes as the clock winds down on the bid by administrators to find a buyer for the company.
In May, the Supreme Court of Western Australia give the company a six-month reprieve from a second meeting of creditors which would likely have seen it wound up.
The court granted the reprieve in order to give administrators more time to find a buyer, with a second meeting of creditors now due on October 21 – although administrators said at the time they did not believe they would need the full period.
Quickflix’s latest woes began when it failed to reach a agreement with rival Stan on buying a stake in the company just before it was placed in administration.
Quickflix’s market capitalisation currently stands at $2.2m
Assets for the business include a marketing database of 900,000 names as well as tens of thousands of Blu-rays and DVDs stored at a Sydney warehouse.
how is this news?
These guys were done ages ago. Whilst I completely appreciate and applaud an entrepreneur’s “never say die” attitude, no one is going to buy you out. You’ve been dead for months……..
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Hold on buyers. It’s nearly time to buy into this wonderful restructured opportunity. Ready the cheque book.
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Assets include:
4x pencil sharpeners
7x tubs liquid paper
1 box reflex (recycled)
Couple of grimy coffee mugs
Scratched dvds covered in pizza sauce
Total equity: $17.43
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