Ecofibre has entered voluntary administration and been suspended from the Australian Securities Exchange (ASX).
In a brief statement this morning, KordaMentha said it has been appointed to handle the financial affairs of the company.
In a separate notice issued a short time later, Ecofibre was suspended from the ASX.
“Having regard to the announcement of the appointment of voluntary administrators… ASX has determined that [Ecofibre’s] financial condition is not adequate to warrant the continued quotation of its securities,” it said.
No formal statement has been issued by the company.
After an encouraging start which saw profits hit A$13 million in 2020, Ecofibre hit the financial buffers in more recent times, reporting major losses and failing to generate meaningful revenue growth.
In H1 FY25 it lost $17.3m, an improvement on the $45m deficit in H1 FY24, but still significant.
The company lost $38m in the full year to June 2024.
Ecofibre’s former chairman, and still a major shareholder, is Barry Lambert, the backer of the research initiative that bears his name.
More to follow.
