Business Services Industry
Cicutto cuts his Run short.
Australasian Business Intelligence, February, 2007
Byline: Mark Phillips
Feb 19, 2007 (The Australian Financial Review - ABIX via COMTEX) -- The chairman of Australian property manager, Run Corp, has stepped down. Frank Cicutto, the former MD of National Australia Bank, said that he is reducing his commitments. Run Corp has faced problems during his tenure, making a loss of $A17.9 million and being forced to change its business model. On 19 February 2007, it announced a loss of $A3.1 million for the first half of 2006-07. It is planning to raise capital to double its market capitalisation. The company's shares listed at $A1 in December 2005, but the stock closed at $A0.15 on 19 February.
Publication Date: 20 February 2007
RUN CORP LIMITED - ASX RNC
NATIONAL AUSTRALIA BANK LIMITED - ASX...
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