Shaver Shop mulls IPO; Former SEO company director sentenced to 10 months in prison: Midday Roundup

Shaver Shop mulls IPO; Former SEO company director sentenced to 10 months in prison: Midday Roundup

Shaver Shop may be the next speciality Australian retailer to pursue an initial public offering.

Fairfax reports, Shaver Shop has been scoping out potential valuations for the business and in the new year could join the ranks of other speciality retailers such as Baby Bunting, Adairs, Lovisa, Burson Group and Beacon Lighting, which have all recently floated on the Australian Securities Exchange.

Shaver Shop, which is expected to turnover $160 million in the 2016 financial year, reportedly has sent an information memorandum to potential acquirers.

Former SEO company director sentenced to 10 months in prison

The former head of SEO Company Pty Ltd has been sentenced to 10 months in jail after pleading guilty to breaching his duties as a company director.

He was also fined $40,000 last week after being convicted of three counts of using his former position to gain an advantage.

The former director was found to have withdrawn more than $29,000 from the company’s bank account for his personal use.

The former director also pleaded guilty to four counts of making a false statement in a document lodged with ASIC.

ASIC commissioner Greg Tanzer said in a statement the sentence should serve as a lesson to company directors who are considering doing the wrong thing.

“It is important for directors to understand their obligations,” Tanzer said.

“ASIC is committed to holding those who intentionally break the law to account.”

Shares down on open

Aussie shares have dipped into the red this morning despite a positive lead from Wall Street over the weekend.

Ric Spooner, chief market analyst at CMC Markets, said China’s economic data will be the key macro focus for markets today and could bolster a recent rally.

“Traditionally the data has not deviated far from expectations,” Spooner said.

“However, there is potential for relief if China’s GDP is at least in line with expectations for 6.8% year on year growth.”

The S&P/ASX 200 benchmark was down 3.2 points, falling 0.06% to 5265 points at 11:38am AEST. On Friday, the Dow Jones closed 74.22 points higher, up 0.43% to 17,215.97 points.

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