The former ASX 300 darling Electro Optic Systems is searching for cash.
the unusual accounting methods employed by EOS in June last year, since which shares in the group have slid 81 per cent.The market appears to have lost faith in EOS even if the government hasn’t. The Feds in May chucked $23.5 million into a satellite manufacturing hub in which EOS is a contributing partner. That same month, Canberra signalled its interest in another 36 remote weapons stations for the army.
Commonwealth agency Export Finance Australia stumped up $US80 million of EOS debt funding in March, after EOS fully drew a previous $64 million lending facility in August last year.The Canberra-based EOS has such a good rep around parliament that even individual MPs have thrown coin their way. Former deputy prime ministerbought a parcel of EOS shares in February last year for his son Sebastian’s trust fund, two weeks after questioning the company in parliament.
By the time the holding was deleted from Joyce’s register of interests in September, the stock had fallen roughly 30 per cent.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sinking Nuix sits out tech stock rally as ASX firms 1.2pcThe S&P/ASX 200 Index rose 1.2 per cent to 6687.1 on Monday. Nuix fell 13 per cent to 63.5¢, and Whitehaven Coal rose 5.2 per cent to $5.90.
Read more »
ASX rises, NZ inflation hits 7.3 per cent, Suncorp jumps amid ANZ takeover bidAustralian shares have started the day higher, tracking gains on Wall Street.
Read more »
ASX LIVE: Australian shares are poised to rise to start the weekANZ agrees to buy Suncorp Bank for $4.9 billion. Australian shares are set to open higher with the currency recouping ground. RBA minutes and speeches in focus. Follow updates here.
Read more »
ASX LIVE: Australian shares are poised to rise to start the weekANZ agrees to buy Suncorp Bank for $4.9 billion. Australian shares are set to open higher with the currency recouping ground. RBA minutes and speeches in focus. Follow updates here.
Read more »
ASX to rise as RBA, BHP and ECB top agendaAustralian shares are set to open higher after a rally overseas as US rate bets eased and data pointed to its economy’s resiliency. Iron ore fell below $US100.
Read more »