Pour one out for Top Shelf’s long-suffering shareholders.
Those who got in at the issue price of $2.21 per share in 2020 have watched their investment crater to just 6¢, sinking 67 per cent over the past year.
Put differently – the ASX-listed seller of whiskey and vodka had a $100 million-plus market cap. Today, the business is valued at $19 million.
Adding insult to injury, the board has sought to raise almost $150 million from shareholders over its life as a listed player, launching a $13.9 million capital raise – at a whopping 43 per cent discount – in May to pay down debt and fund working capital. Disappointed shareholders are naturally asking where all that money has gone.
With just 1.9 quarters of funding left in the bank, according to Top Shelf’s latest quarterly cash flow report, Street Talk understands everything is on the table.
Read the full story tomorrow and more on the Street Talk page.
From the column
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The chart
Best and worst
Australian shares slumped 1.9 per cent on Wednesday, recording the worst sell-off since August 5, as resurgent fears of a US recession sent investors fleeing the equity market.
