No, I didn’t pen this piece in BusinessDesk
Mixing disclosure with desire
On the Money can’t count how many breathless statements on this and that deal we’ve seen over the years, nor can we estimate how many actually turbocharged whatever iconic business into the stratosphere, although a few spectacular implosions stick out.
So we weren’t overly surprised to see a quick about-face by Comvita over a very breathless deal with China’s Olé supermarket chain that touted itself as being a multimillion-dollar deal, without providing any of those sweet sweet details we financial reporter-types like.
A trading halt was whacked on the stock soon at NZ RegCo’s request for more information, and a new statement soon emerged with the more nebulous “significant” description in the headline, and an addendum pointing out that the details were still being ironed out, but wouldn’t affect the firm’s earnings guidance for the year ended June 30 – which seemed a bit obvious given the statement was made three days after the balance date.
On the Money wonders whether the mix-up stemmed from Comvita’s inability to tell whether it’s a singular or plural – obviously a case of one plus one not adding to two.
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