3 Stocks plunging on ASX – RFG, SFG and CAY

Below are recent updates with respect to three stocks that plunged on ASX as at August 22, 2018.

RETAIL FOOD GROUP LIMITED (ASX: RFG): Embattled group, Retail Food Group, a food and beverage Company released its FY18 earnings guidance and the group flagged its underlying NPAT to be approximately $34.5 million with a statutory loss of approximately $87.6 million after considering the substantial impairment charges that were indicated in December 2017. With respect to the period ending June 30, 2018, the board of RFG announced that under the company’s senior debt facilities, the lenders have agreed to waive testing of the financial covenants. The stock of the company was trading at a market price of $0.575 as on August 22, 2018 and has seen a daily price change or a decline of $0.095 or a percentage change of -14.179%. The stock has seen a performance change of -86.52% over the past 12 months. The group was seen to be responding to the ASX price query on an initial surge in the price seen on August 22, 2018 with high volume of securities. This was followed by a significant drop by the close of trade.

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SEAFARMS GROUP LIMITED (ASX: SFG): The stock of the company was trading at a market price of $0.110 as on August 22, 2018 and has seen a daily price change or a fall of $0.010 or a percentage change of -8.333%. The stock has seen a performance change of 105.53% over the past 12 months. The company has for the expansion of project sea dragon, world class breeding program and for its highly successful founder stock center at Exmouth in western Australia, committed for capital. Exmouth is an important part of the biosecurity strategy for the $1.5 billion project sea dragon. To the expansion of its successful founder Stock Centre at Exmouth, Seafarms Group has further announced that the company is undertaking a lot many steps. The group also released update on exercising of options. However, the investors were not pleased with the latest developments and may have opted for profit booking.

CANYON RESOURCES LIMITED (ASX: CAY): The company is under a lot of speculation relating to joint venture and partnerships. Meanwhile, CAY will issue 32,258,064 new shares at $0.155 per share. It is expected that within the next 5 business days the company will complete the capital raising. Around 8.3% discount to the 30-day volume weighted average price of $0.163, was represented by the placement price. The trading in the company was suspended pending the release of announcement on institutional placement and securities were reinstated on August 21, 2018. The stock of the company was trading at a market price of $0.205 as at August 22, 2018 and has seen a daily price change or a fall of $0.040 or a percentage change of -16.327%. The stock has seen a performance change of 105.53% over the past 12 months.

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