Mystery as Bellamy’s (BAL) shares were halted yesterday ahead of a trading update that should come today.
The Tasmanian based dairy group is to make an updated announcement on the”impact of trading conditions on the company’s expected financial results,” it said in statement to ASX.
Bellamy’s shares plunged 44% earlier this month after it warned of revenue below estimates on weak volume from China. The shares last traded at $6.68 on Friday.
The statement came after media questions are being asked about how much the board and chief executive knew about the company’s change in fortunes ahead of the update last Friday week which triggered the sell off, and whether Bellamy’s has fulfilled its continuous disclosure obligations.
The company told the ASX in a reply to a query about what it knew and when, that it had complied with its obligations.
On Saturday, Fairfax media’s BusinessDay revealed confidential supermarket and pharmacy sales data showed Bellamy’s market share plunged from 25% of the domestic infant formula sales in April to just 12% by October.
Chief executive Laura McBain and chairman Rob Woolley sold down their stakes in August, at $14.55 and $14.60 a share – more than double the company’s current price. The sales at the time didn’t raise eyebrows, only after the surprise update a week ago Friday ad the big share price slide.
