Milklab’s plant-based products are a common sight in cafes across the nation. But few coffee drinkers would know that Milklab’s manufacturer is at the centre of one of the most spectacular corporate implosions in recent Australian history. | hijessicayun
. Trading on the ASX was suspended, pending a further announcement, but not before shares dropped to a five-year low. An unusually high volume of 21.5 million shares traded hands .Then on Thursday of that week, the company released a statement to the ASX revealing that its estimated value of useless assets, $25 million,. A review of inventory levels showed there was more out-of-date stock, some from cancelled orders, than originally thought. Sixty-one staff positions were made redundant.
The most pressing question from investors and stakeholders was: where did things go wrong? The outdated stock and cancelled orders went as far back as 2017. Why wasn’t it picked up earlier? Over the years, vast amounts of milk had been going off in warehouses, and either no one had noticed or no one had reported it.But getting rid of it was expensive. Simply put, there was so much milk that had gone off that it was cheaper to write it off than to rework it.“The difficulty is the cost of getting that milk out of the packages and into a vat ...
Michael Perich, then a director at his family’s Leppington Pastoral Company, was installed as chief executive in August 2020. Billionaire brothers Tony and Ron Perich were already serving as board directors. The family committed $126 million, through their investment vehicle Arrovest, to turn the company around after negotiations with a hedge fund fell through.But the worst was yet to come.
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