There’s lots of news about Pulp and its soon-to-be insolvent (past) parent company, Signature Brands. Trading in Signature shares was halted on the ASX on 16 March 2006. The value of Signature shares has plummetted from 78c to 1c.
Former Pulp Juice owner and Signature Brands non-executive board member Ian Duffell has some not-so-sparkling company performances under his belt. See this item on Duffell:
Meanwhile, Ian Duffell has become the fourth Australian retail chief to lose his job this year, after music and underwear retailer Brazin announced a shock profit warning that sent its share price down 30 per cent. The company cut its full-year earnings forecast by 65 per cent, because of “difficult” trading conditions during the March quarter for the Sanity Entertainment group in Australia and UK. The dire assessment was in stark contrast to comments Duffel made in a media report just two weeks ago, reassuring investors that Brazin would meet full-year earnings targets.
Pulp was supposed to have been bought for $2 million in January 2004, but with the number of shares issued, it wound up being closer to $5 million, raising some eyebrows. Looks like Duffell, as board member of Signature, bought Pulp from himself.
IOT Price at posting:
4.0¢ Sentiment: Sell Disclosure: Not Held
