Australian pioneer suspends stock exchange listing
Topics: Alternative business structures
One of the two Australian pioneers of stock exchange-listed law firms today asked for its listing to be suspended while it prepares a downward revision of expected earnings.
Shine Corporate, owner of Shine Lawyers, said this morning that its securities will be suspended from quotation immediately.
On Tuesday, the firm halted trading in its shares saying it 'expected a material reduction in its full year to 2016 earnings guidance'. The formal profit warning, expected today, will now be published when the Australian Securities Exchange opens on Monday.
In 2013 the firm expressed its intention to expand into the UK, following in the footsteps of listed Australian rival Slater and Gordon. Both businesses have since suffered slumps in their share price. Slater and Gordon's shares were today trading at A$0.54 (£0.26), down from a peak of $7.85 last year.