However fear not for its homeowners — they’re going to come out of it simply superb. The journalists and printers, then again…
The Australian printing and journal enterprise has been a plaything of assorted billionaires over time, from the Murdochs to the Packers to Kerry Stokes and the lesser identified Hannan household. Yesterday ASX-listed firm Ovato, previously often known as PMP, threw within the towel, appointing FTI as directors.
It has been a controversial 21-year experience as a public firm for PMP-Ovato however in the end Information Corp walked away with greater than $1 billion funded by unbiased shareholders who’ve now misplaced the lot.
There have additionally been moral questions for the Hannan household, significantly after it orchestrated a 2016 merger with PMP which transferred massive redundancy liabilities right into a much less properly capitalised public firm whereas retaining personal management of the property holdings in its print empire.
Learn extra about the way it all went down, actually.
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