Class action law firm Slater and Gordon is set to be owned by a consortium of international hedge funds after agreeing to a bailout that will see it emerge with a new board and strategy. The new plan, revealed on Thursday night, will involve hedge funds, led by Anchorage Capital swapping the debt they are owed…
Evolva will cut its workforce by 43% and spin off its Indian R&D laboratory in an attempt to make cost savings and become “a product-based company”. The Swiss biotech firm announced today it would axe 78 full time jobs from its 178-strong workforce. It did not reveal which departments or geographies would be affected but said…
Financial services group IFG recorded an operating loss of £100,000 during the first half of 2017, down significantly from a profit of £4 million over the same period a year previous. Shares in the company slumped more than 7 per cent last month after the group issued a profit warning. It said profits would be…
MOQ Limited (ASX:MOQ) spent more than $1 million on integration and restructuring costs during the financial year ending June, following its acquisitions of Tetran Group and Skoolbag last year. In May last year, the publicly-listed integrator completed its acquisition of managed cloud services and professional services IT company, Tetran Group, in a bid to bolster…
REINACH, Switzerland–(BUSINESS WIRE)–Evolva (SIX: EVE), which develops and commercializes next-generation specialty ingredients for health, wellness and nutrition markets, details the next phase of its corporate evolution. Evolva announced in its half year results further details of its future intended strategic direction to aggressively grow product revenues and accelerate the path to a cash flow break-even…
Building products manufacturer Boral has been dented by the continued weak performance of its Western Australian operations, reporting lower underlying earnings and a $20 million asset impairment for its WA bricks business. The ASX-listed company said the WA bricks business, which trades as Midland Brick, suffered a 26 per cent fall in volume and a…
Shareholders have approved Lotte Groups plan to set up a holding company by splitting and then merging its four affiliated units, in a move the South Korean conglomerate says is aimed at simplifying its complex ownership structure. Investors in the retail groups four units Lotte Shopping, Lotte Confectionery, Lotte Chilsung Beverage and Lotte Food approved…
Dicker Data has posted solid revenue growth of 7.1% for the first six months of 2017, as it looks to software-as-a-service and infrastructure-as-a-service and specialisation in key areas to drive continued growth. The distributor has reported revenue of $632.5 million for the six months to 30 June, 2017, up from $590.3 million for the same…
A continued focus on the small- and medium-sized business segment has seen accounting firm Kelly Partners Group post a jump in underlying profit in its debut results as a listed firm. The group, which owns Kelly + Partners, posted a 15 per cent rise in underlying profit to $3.4 million for the year ended June 30.…
Publicly listed Australian distributor Dicker Data will restructure its New Zealand business to cope with the loss of major vendor Cisco across the Tasman, while also “aggressively looking to fill the revenue void”. The distributor has posted revenue of $632.5 million for the six months to 30 June 2017, a rise of 7.1 percent. Dicker’s…