Australia's Retail Food falls most in nearly 9 months on ACCC proceedings

Retail Food

15/12/2020 04:28

** Retail Food Group  RFG.AX  falls as much as 25.3% to
A$0.068, its biggest intraday pct drop since March 19
    ** Australian competition regulator starts proceedings
against the food processing firm, alleging the co and its
entities engaged in unconscionable conduct and made false
representations in its dealings with franchisees  urn:newsml:reuters.com:*:nFWN2IU18H
    ** Australian Competition and Consumer Commission (ACCC)
alleges that RFG withheld important financial information from
franchisees who were buying or licensing loss-making stores
between 2015 and 2019, particularly relating to 42 loss-making
corporate stores
    ** RFG says https://bit.ly/3mjzks8 it will closely review
the allegations and engage with ACCC, as required
    ** RFG shares hit lowest since Nov 6; set for a third
straight session of losses
    ** About 44.7 mln shares change hands, compared with the
30-day average of 22.7 mln shares
    ** RFG is third-biggest percentage loser in the ASX All
Ordinaries index  .AORD 
    ** Stock down 13.3% this year, as of last close, vs a 1.4%
increase in the ASX All Ordinaries index

 (Reporting by Rashmi Ashok in Bengaluru)
 ((Rashmi.Ashok@thomsonreuters.com; +918061822604;))