Analysis: Day of reckoning approaches for Zoe Foster Blake backers at BWX | ColinJKruger
This appears to be one of the key lessons of the unfolding disaster at ASX-listed beauty group BWX Ltd, which quietly lost the support of its billionaire backer last month.of its financial accounts yet again while negotiations continue with its auditors over the 2021 and 2022 financial year accounts.James Brickwood
It is a humbling blow for Forrest whose private investment group, Tattarang, swept in to BWX as an investor in June this year. Tattarang declined to comment, but it cannot be a good sign that one of BWX’s largest investors so suddenly distanced itself from the company.Shares have not traded since August 26 thanks to the trading suspension which was put in place until BWX sorts out its accounts. But it will certainly plunge below the 63 cent price at which the stock last traded.
Whatever the price, it will only confirm that BWX almost certainly paid Foster Blake way more than the business was worth. More importantly, it will need to negotiate a potentially unpalatable deal to sell it back to her - at a much lower valuation - if the contract to acquire the remainder of the business proves too onerous.It would almost certainly mean current shareholders, such as Forrest’s Tattarang which now owns 19.
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