Bed linen retailer Aussino says exit offer to shareholders unlikely

Bed linen retailer Aussino Group, which is delisting, said on Wednesday that a reasonable exit offer to shareholders was unlikely.

This was due to reasons such as making losses since 2009 and recording a negative cash flow in recent years.

For instance, the group incurred a net loss of about $8 million for the 2013 financial year, as announced on Oct 11.

The firm said in a statement: "The company is not able to procure any cash exit offer from any shareholder who has the financial ability to do so nor is the company able to procure any third party investor to make such a cash exit offer."

It plans to get shareholders' approval for various options which include winding up the company or fund-raising options for the group's operations and working capital needs.

Trading of shares will continue until 5 pm on Friday and trading will remain suspended until the delisting is complete.

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