Shares in Australia’s Village Roadshow Limited have swung violently in reaction to the company’s warning on the “significant adverse” effect of the coronavirus on its cinema and theme park businesses.
On Thursday, shares plunged by more than a third on the Australian Stock Exchange. On Friday, they climbed again by a quarter, to A$1.08, but not enough to recover all their losses.
The current stock price also makes it unlikely that either of two tentative takeover bids for Village Roadshow will go ahead in their current form. “Based on international precedent, it is possible that cinemas and / or theme parks may be closed in Australia for a period of time, which would have a serious adverse impact on VRL’s earnings during that time,” said
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