Ellies’ shares fall on Megatron business rescue announcement
The share price of JSE-listed Ellies fell by more than 16% on Friday as the company announced that its Megatron subsidiary has started voluntary business rescue proceedings.
Megatron, which houses the Megatron infrastructure division, is awaiting confirmation from the Companies and Intellectual Property Commission of its filing to proceed with the business rescue.
It has also resolved to appointed Barry David Kaganson of Matuson & Associates as its business rescue practitioner.
Ellies’ share price fell to 20c apiece by 12:40 on Friday, down 16.67% on Thursday’s close of 24c a share.
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