Shareholders in Spotless Group who are refusing to accept the $1.15 per share cash takeover offer from predator Downer EDI won’t be paid any final dividend, as the Downer-controlled Spotless board puts the squeeze on the outliers.
Spotless on Thursday announced it had tumbled to a bottomline loss of $348 million for 2016-17, after big one-off costs of $464 million from restructuring, asset write-downs and impairments, along with the extra costs of defending the $1.2 billion takeover, triggered a dive into the red.
Revenues were 5.3 per cent lower at $3.01 billion. Spotless also revealed that its chairman Garry Hounsell, would be stepping down on August 31, strengthening the Downer hold on the board.
Downer on Thursday put extra…
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