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Commander Australia Limited (ASX: CDR) is an Australian telecommunications company formed from a spin-off of Telstra Corporation. At one point in its history, it boasted revenues of over AUD $1 billion. On Friday, August 8th, the company announced to its investors and 1300 staff that it was place under Administrative receivership, owing $360 million to the Westpac, Commonwealth and ANZ. banks.[1]
Share Price
Since May 2007 where commanders share price was sitting at $2.45 on the ASX, it's share price has fallen to 8.2c at the time it went into administration. On the 1st October 2007 the company was put into suspension from official quotation by the ASX due to Commanders failure to lodge reports to the ASX by the deadline. This effectively froze the value at 53c per share. On the 18th of October 2007 the company reinstated official quotation, within hours the share price halved.
On the 30th of January commander made 600 staff redundant.[2] This increased it's share price by 10%. However this share price was short lived, with the price back down to 19c within hours.
The share price did not recover and at time the company went into administration the share price was sitting at 8.2c[3]
External links
Notes
- ^ Boyd, Tony (2008-08-11). "Banks hang up on Commander", The Business Speculator. Retrieved on 11 August 2008.
- ^ "Commander cuts 600 staff in business review", ARN (2008-01-30).
- ^ {{cite title=CDR Company Announcments |url=http://www.asx.com.au/asx/statistics/announcementSearch.do?method=searchByCode&issuerCode=cdr&timeFrameSearchType=Y&year=2008 |publisher=ASX}}
