Nine's CFO Paul Koppelman has stepped down | ASX Market Update

  • Jul 10, 2020 AEST
  • Team Kalkine

After just nine months in the position, Nine’s chief financial officer Paul Koppelman has stepped down. According to an ASX announcement, Koppelman resigned for personal reasons, including the death of a family member. Koppelman stepped into the position in September after the exit of Greg Barnes. Group financial controller, Graeme Cassells, will step into the role of acting CFO effective immediately. Koppelman’s exit comes just shy of Nine’s financial results release, due the end of August. Nine is expecting to report group EBITDA of $390m – $410m. Net debt is expected to be $300m.

The Victorian Government has unveiled a $534 million support package to help struggling businesses get through the latest coronavirus lockdown.

Treasurer Tim Pallas said it took the State Government’s total to $6 billion in coronavirus support to the community. The half-a-billion-dollar package included a cash grant for struggling businesses, mental health support for business owners and relief for tourism operators who could no longer rely on Melbourne-based visitors. He said tailored and targeted advice would also be available for businesses to help them stay afloat and then bounce back on the other side of the restrictions.

Flights returning Australian residents from overseas will be slashed in half, and passengers will have to pay to hotel quarantine under changes agreed to at National Cabinet. Prime Minister Scott Morrison has also announced a nationwide review of hotel quarantine. These caps are expected to remain in place until Victoria can resume repatriation flights. States still receiving repatriation flights are expected to make their own announcements regarding the cost of hotel quarantine, and any hardship support. However, uniformity on pricing is expected.

#NineCFO #Australia #COVID19 #Kalkine


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