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RFG should have told investors about its looming suitor

2 0 0
09.07.2019

Many people have been wondering just what is going on with scandal-ridden Retail Food Group. Well they might too given it has had an almost 70 per cent rise in its share price in the past three trading days.

The ASX certainly was. It asked the company on Monday, as did various media outlets, why the share price sky rocketed. RFG’s response was that there was nothing to see here.

Replay

The big question is at what stage of a share price surge like that does continuous disclosure kick in?

We got the answer to that question after this column on Tuesday afternoon revealed that RFG and KordaMentha’s restructuring arm 333 Capital have been holding talks with a number of funds, local and global, about a possible debt and equity rescue package.

The story, published mid-afternoon online on The Age and the Herald, reported that competing funds were recently told their proposals were no longer being considered as it was now dealing exclusively with a local fund.

Within hours further details emerged in the media and finally, long after the market closed, RFG confessed it was talking........

© The Age