Securities Of Landmark White Placed On Trading Halt On ASX

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Securities Of Landmark White Placed On Trading Halt On ASX

 Securities Of Landmark White Placed On Trading Halt On ASX

On 14 February 2019, Landmark White Limited (ASX: LMW), a company from the real estate sector which provides property valuation services, announced that its securities will be placed on trading halt pending an announcement in relation to the data incident which was announced on 5 February 2019.

The company has asked ASX for the trading halt of its securities until the earlier of the commencement of regular trading on Monday, 18 February 2019 or in case of any further announcement released to the market.Â

On 5 February 2019, LMW made an ASX announcement where it highlighted that CoreLogic who is one of its corporate partners had drawn the attention of the company on 4 February 2019, towards the disclosure of dataset containing property valuation and some personal contact information.

As a result, the company at present is working closely with the Cyber Security consultants to investigate the circumstances of the release of the dataset. The company has been very serious about its data privacy and data security. The immediate step that was taken by the company was to secure the source of the disclosure to prevent any further disclosure of data. As on 5 February 2019, the company could not find any evidence which highlighted any misuse of information. However, the company is still closely reviewing it.

The company highlighted in the announcement that it will be notifying its affected corporate partners directly, that it is taking steps to investigate and prevent any potential misuse of the data. The company also stated that in case there will be any requirement, they will even be notifying the law enforcement bodies, the Office of the Australian Information Commissioner as well as the Australian Stock Exchange.

Based on the investigation’s outcome, the affected individuals will be notified of the information which might have been assessed along with the preventive measures taken by the company to prevent any further potential misuse of their information.

The company had also established a dedicated mailbox to respond to any queries regarding the incident and will soon be creating a FAQ web page.

The FY2019 guidance provided during the AGM stated the revenues of $56.8 million, EBITDA of $7.1 million, NPAT of $4.0 million and EPS of 4.8 cents. The guidance prediction was based on the company’s market outlook at that point of time which also included the assessment of the impact of acquiring Taylor Byrne.

In the period between September 2018 to December 2018, the company experienced a significant reduction in valuation instructions from the first-tier lenders which were the direct result of tighter regulation of credit from APRA followed by the adverse impact of the lender's reaction to the Banking Royal Commission. The entire housing sector was impacted by the housing prices across major centres and weak loan volume.

Based on this, on 25 January 2019, the company updated the guidance with revenues of $55.0M, EBITDA of $5.3 million, NPAT of $2.8 million and EPS of 3.6 cents.

Since the inception of LMW on ASX, the stock has generated a positive return of 7.87%. However, for the last six months, the stock has generated a negative return of 26.72%. The shares of LMW traded last on 13 February 2019 with the closing price of A$0.425. The stock has a market capitalization of A$36.18 million and approximately 85.13 million outstanding shares and a PE ratio of 7.810x.


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