Listed financial services firm Superwoman Group has entered voluntary suspension following a strategic review of the company.
The findings of the review, which was conducted by Intrasia Capital, concluded that the existing operations were unsustainable.
Following the board’s adoption of a new cost-effective events management business model, a significant reduction on occupancy costs and staffing requirements was needed and is currently being implemented, Superwoman chairman Danny Herceg said.
“The company’s financial position continues to remain uncertain as the timing of the implementation of the new business model and the process to recapitalise the group may be impacted by events beyond the control of the board,” he said.
“The board has received various proposals to recapitalise and grow the company. The board has agreed to adopt a formal process to assess the value of each proposal and assess its strategic fit to the group.”
Intrasia Capital is conducting the formal process and Superwoman expects to make a further announcement when a proposal has advanced to a binding position.
“As part of the process it is expected the capital of the group will be reorganised,” Herceg said.
“Accordingly, the company will remain in voluntary suspension.”
