Former listed companies where investors lost $100m+

ABC Learning, (7 years, 2001-2008): the childcare centre giant claimed to have net assets of $2.23 billion in February 2008 but subsequently collapsed. Its market cap peaked at more than $2 billion in 2007 after it initially raised $8 million in a 2001 float priced at $2. This was also the biggest loss for CBA in its history and even the Singapore government investment fund lost more than $300m. Between shareholders and lenders, more than $3 billion was lost.

Adelaide Steamship, (27 years, 1964-1991): the corporate raiding vehicle run by John Spalvins which overpaid for rival IEL in 1989 and went bust a couple of years later. Based on this detailed Wikipedia history it looks like it first floated in 1964. The banks didn't end up losing anything and charged loads of penalty interest. The $2.45 billion Woolworths float was the biggest asset sale in this managed work out run by David Crawford and David Ryan for many years.

AED Oil (AED): bought 61 at $8.30 on July 10, 2007. Sold 45 at $9.90 on Oct 10, 2007, so made $32 in three months but retained 16 shares which were worthless when it went into receivership in 2011. A long workout, as documented by delisted.com. The final balance sheet showed retained earnings of $62.7m and net assets of $178m so investors lost more than $110m overall.

Aeon Metals (AML): floated in May 2007 when it raised $12m at 25c. In the end it wanted to develop a cobalt deposit near Mt Isa but failed to reach agreement with the Waanyi people. Went into administration in 2024 and its final balance sheet showed accumulated losses of $63.4m and claimed net assets of $64m so total shareholder losses were around $127m.

Albidon (ALB): bought 145 at $3.47 on Jan 8, 2008. Sold 125 at $3.69 on April 3, 2008. Retained 20 shares with costs covered. Was taken over for a token sum by Jin Tuo Investments in 2013. The final balance sheet showed accumulated losses $US287.2m and negative net assets of $US159.4m so the failure of its Munali nickel mine in Zambia proved very expensive for investors, but the Chinese major shareholders were prepared to take it private and keep going away from the glare of the ASX. Never attended its AGM.

Alesco (ALS), 2012: bought 33 at $13.89 on August 10, 2007. Sold 33 at $2.66 on April 14, 2009 to lose $450. Any balance was sold into the 2012 Dulux takeover priced at $2.05 per share, valuing the exit at $193m. The final balance sheet showed accumulated losses of $18m and net assets of $406m so with an underwhelming takeover, investors collectively lose more than $200 million in this enterprise.

Allco Equity Partners (AEP)/Oceania Capital(OCP): bought 2500 at $2.00 on March 11, 2008. Sold 2056 at $1.95 on Apr 3, 2008. Sold 351 at $2.09 on May 5, 2008. Bought 1900 at $1.63 on July 15, 2008. Sold 1900 at $1.94 on August 28, 2008. Sold 130 at $1.93 on April 1, 2009. Changed its name to Oceania Capital (OCP) in July 2009 and sold remaining 268 at 83c on April 13, 2010. Broke even overall. Did a number of capital returns and buybacks and then delisted in 2019. The final balance sheet showed accumulated losses of $170m and net assets of $99.6m. After becoming famous with its involvement in the failed bid for Qantas, it's final investments before delisting included small radio stations.

Allco Finance Group (AFG), 2009: reported a $1.73 billion full-year loss for 2007-08 but this still left it with net assets of $545 million when the administrators were called in. Market cap peaked at more than $2 billion but it went too fast trying to emulate Macquarie's success and got finished off by the GFC with investors and lenders losing more than $3 billion across the empire which had establishment directors like Sir Rod Eddington and Bob Mansfield backing the late founder David Coe all the way.

Allco HIT: an Allco spin-off which suffered heavy GFC write-downs, the biggest in the Strategic Finance business due to large bad debts in New Zealand. In 2007-08 it plunged to a net loss of $322.2 million. This left total equity of $54 million and the receiver was called in on November 13, 2008.

Allegiance Coal (AHQ): collapsed in 2023 and its final balance sheet in February 2022 showed accumulated losses of $72.4m and claimed net equity of $82.4m although this was before it raised another circa $20m in equity later in 2022 so total shareholder losses were approaching $200 million. Came a cropper trying to build and run coal mines in jurisdictions including Colorado and Alabama.

Ampella Mining (AMX): bought 1,320 at 38c on June 1, 2009. Sold 1,310 at 57c on October 1, 2009. Retained 10 shares with a $250 profit. Put $5000 into SPP at $1.95 in October 2011, scaled back to $3086 and exited 1,583 units at $2.43 for a gain of $750, so overall profit of about $1000. Was taken over by Centamin West Africa with a 1-for-5 scrip offer in 2014 which valued the equity at $43m or 16.8c. The final balance sheet showed accumulated losses of $123.6m and net assets of $14.5m so public investors dropped about $90m overall.

# Apex Minerals (AXM): bought 385 at $1.30 on Jan 7, 2008. Sold 375 at 24c on April 21, 2009. Retained 10 shares but lost more than $400. Was pushing the Wiluna gold project but collapsed in 2013 and the project was sold for $7.9m by the receiver. The final balance sheet showed accumulated losses of $371.5m and net assets of $10.9m so investors dropped almost $400m overall. Ed Eshuys was executive chair.

APM Human Services International (APM), $211m: dropped a $166m last day loss which lifted accumulated losses to $212m. Net assets are $1.22 billion and the market cap is $1.31b, propped up by a takeover bid from the same mob private equity mob which floated it a few years back.

APN European Retail (AEZ): bought 472 at $1.06 on Dec 19, 2007. Sold 480 at 5.2 cents on May 20, 2009 for a loss of most of the $500 but held 10 shares until it was wound up by RBC in 2011 which was the main lender and had been nationalised by the UK government after the GFC. The final balance sheet showed accumulated losses of $629m and negative equity of $92.6m so a total disaster for investors. Never attended AGM.

Arasor International(ARR)/Lionhub Group(LHB): bought 500 at $1.01 on Feb 13, 2008. Sold 500 at 23c on June 27, 2008 to lose $400. Changed its name to Lionhub Group in 2013 and then delisted in 2021 due to lack of activity. Last balance sheet showed $186m of accumulated losses and just 712k in net assets.

Armour Energy (AJQ): collapsed in late 2023 and the final annual report disclosed a $21.6m loss in 2022-23, accumulated losses of $116m and claimed net assets of $42m suggesting that a total of around $150 million was lost by this outfit.

Arrium/Onesteel, (16 years, 2000-2016): demerged from BHP in October 2000 and went broke as the renamed Arrium in April 2016, almost 16 years later, after also taking over the separately listed Smorgon Steel. The final balance sheet before administration in February 2006 showed accumulated losses of $1.07 billion after a $1.5 billion statutory loss and $2.33 billion of claimed net assets so all up shareholders lost more than $3 billion.

Atlas Iron (AGO): taken over by Gina Rinehart in 2018 with equity holders receiving 4.6c or about $400m. The final balance sheet showed accumulated losses to $2.08 billion and left net assets of $160m. Shareholders ultimately lost about $1.8 billion investing in this company.

Ausenco (AAX), (10 years, 2006-2016): the Brisbane-based resource engineering firm once chaired by former Queensland Premier Wayne Goss had a market cap above $1 billion when its shares peaked at $15, but it disappeared in a whimper in 2016, when private equity fund Resource Capital paid just 40c a share or $154 million in an agreed bid. It was floated at $1 a share in 2006 when it initially raised $26 million but did plenty of capital raisings along the way. The final balance sheet showed accumulated losses of $141.5m and net assets of $79.5m.

Australasian Resources (ARH): Clive Palmer's aspiring Balmoral iron ore miner in WA. Was delisted by the ASX over financial reporting failures in 2018. The final balance sheet as at June 30, 2017 showed accumulated losses of $399.5m and net assets of just $6m.

Austrim(ARL)/Nylex(NLX), (14 years, 1995-2009): Kerry Stokes and Alan Jackson bought control from BTR Nylex in 1995 and went on a dizzying acquisition binge (including National Consolidated Industries) which saw the market capitalisation rise to above $1 billion and Jackson sell around $50m worth of stock near the top, as issue that was raised at the 1998 AGM as part of The Daily Telegraph series. He resigned citing ill-health in 2001 and was replaced by John Moule as chair. It later crashed badly but Stokes never sold a share. See this comprehensive Crikey wrap after the heated 4 hour AGM in 2001. It finally collapsed in 2009 as Chris Webb noted in The Age. The final accounts in August 2008 showed accumulated losses of $596m and net assets of $88m, so investors lost almost $700m overall. Dick Pratt also helped fund the original move but didn't stay the journey.

Babcock & Brown, 2009: collapsed in March 2009 but its last audited accounts were released in August 2008 and showed a $150 million half year profit and net assets of $2.63 billion. Market cap peaked at more than $5 billion but spread write across the full stable, investors and lenders dropped close to $10 billion and no one was ever charged with anything.

Babcock & Brown Capital (BCM)/Eircom(ERC): floated in 2005 when it raised $1 billion from investors. Changed its name to Eircom Holdings in 2009, which was taken over by Emerald Communications later that year in a deal which valued the equity at 54.5c, valuing the cash-scrip offer at just $91m. However they had paid $1.40 per share or $235m in capital returns earlier in 2009 after selling its Golden Pages investment. The main asset was a majority stake in Eircom, Ireland's Telstra equivalent, but it was loaded with debt. The final balance sheet showed $1.5 billion in accumulated losses and negative equity of $660m, so investors dropped around $800m overall.

Babcock & Brown Environmental (BEI): was originally Vincorp Wineries (VWL) until 2002, then Environmental Infrastructure Ltd (EIL) until 2005 before the Babcock re-branding. Babcock & Brown mopped it up at 50c per share in February 2008 which valued the equity at around $67m. Final balance sheet showed $135m in accumulated losses and net assets of $70m so investors dropped around $140m overall. Struggling Darwin biofuels plant was the major problem.

Babcock & Brown Power, (10 years, 2006-2016): floated at $2.50 a share in 2006 and briefly enjoyed a market capitalisation above $1 billion before the GFC struck and it grossly overpaid for some of the Alinta assets. Restructured and changed its name to Alinta Energy in 2009 and then restructured again in 2011 changing its name to Redbank Energy before finally delisting in 2016 with accumulate losses of around $1.6 billion.

BBI/Prime Infrastructure, (8 years, 2002-2010): initially floated as Prime Infrastructure Trust in 2002 Canadian firm Brookfield Asset Management took the old Babcock & Brown Infrastructure over in 2010 in what was billed as a $2.8 billion merger at the time. The Dalrymple Bay port assets were later refloated.

Beaconsfield Gold/BCD Resources (BCD): The Beaconsfield based gold miner was made famous by the mine collapse. Changed name to BCD Resources in 2009. Did a reconstruction with Minemakers in 2010 and then a 1-for-9 share consolidation in 2012 before went into receivership in 2015. The final balance sheet showed accumulated losses of $147m and net equity of $4m as of June 30, 2014 so investors dropped around $150m overall.

Becton Property Group (BEC: 8 years, 2005-2013): floated in July 2005 (see prospectus) with Rich Lister founder and executive chair Max Beck retaining a controlling 51% stake (see 2005 annual report). The float price was 50c and it initially had 362 million shares although this expanded with subsequent capital raisings. Did a Macquarie advised stapling restructure in 2006, which raised another $173 million at $2.55. Raised a further $68m in a placement at $4.25 in September 2007, which was not accompanied by an SPP for retail investors. Mack Beck retired as chair in April 2008. It limped through the GFC and then did a capital restructure with its listed notes in June 2011 and then collapsed in 2013 with the final balance sheet as of June 30, 2012, showing it had accumulated losses of $430 million and negative equity of $15.3m.

Bell Group, (15 years, 1976-1991): the main investment vehicle of Robert Holmes a Court which was brought down by the 1987 share market crash, having paid Fairfax a ridiculous $475m for The AFR and the Macquarie Radio network at the top of the market. More than 1000 people attended its AGM held on December 9, 1987. The official loss was only declared in 2021 after a ridiculous 20 year legal fight between the banking syndicate, the WA Govt and the ATO. See delisted website.

Bell Resources, (6 years, 1984-1990): originally floated by Robert Holmes a Court as Wigmores then changed its name to Bell Resources in 1984 ahead of some frenetic takeover dealings, centred around BHP, until Alan Bond bought control and later stole most of its cash.

Bendigo Mining (BDG)/Unity Mining (UML): Lost about $270 trading in this stock between 2006 and 2009. Changed its name to Unity Mining (UML) in 2010 which was taken over in 2016 with a pretty miserable 3.3c a share offer which valued the equity at about $40m. The final balance sheet showed a whopping $424 million in accumulated losses and net assets of just $28 million so the total losses for shareholders were about $400 million.

Beston Global Food (BFC): the Adelaide-based dairy company chaired by pugnacious former IOOF chair Roger Sexton went into administration in September 2024. It's final accounts in February 2024 showed accumulated losses of $181m and net equity of $14 million so all up investors lost close to $200 million. They completed a $28.3 million placement and entitlement offer in November 2022 at 2.5c, which proved to be a case of throwing good money after bad.

Billabong, (18 years, 2000-2018): taken over by US distressed debt outfit Oaktree in a $380 million bid in 2018 but its market capitalisation peaked at more than $1 billion shortly after its 2000 float. The final balance sheet in February 2018 disclosed $822 million in accumulated losses and net assets of $160m so with a $380m sale, the total losses for shareholders were around $600 million.

Boart Longyear, (18 years, 2007-2024): flipped and floated by Macquarie in 2007 when it took $2.35 billion from investors but still left a business loaded with $US642 million in debt. Was a disaster from the start after the GFC hit and ended up costing investors and lenders more than $5 billion before it was privatised by US private equity firm American Industrial Partners in a deal that valued the company at $543 million. See AFR report and takeover announcement.

Bond Corporation, (24 years, 1969-1993): initially floated by Alan Bond as WA Land in 1969 and then defaulted on its debts during the Keating recession and changed its name to Southern Equities before it delisted in 1993.

Bond Media, (3 years, 1987-1990): created by Alan Bond for his media assets at a float price of $1.55 but later went broke and was bought back by Kerry Packer and renamed PBL in 1990.

Brisconnections, (4 years, 2008-2012): the Macquarie created special vehicle for new Brisbane tollroads raised $1.26 billion in a float and still claimed to have net assets of $945 million when it collapsed in 2013 after the traffic forecasts fell massively short. The assets ended up with Transurban.

BWX: the branded natural products company took massive write-downs over a number of years including a $100 million loss in its final result in February 2023 when accumulated losses blew out to $392 million. Was delisted in April 2024.

Cabcharge (25 years, 1999-2024): founded by Reg Kermode in 1976 and floated in 1999. Relied heavily on government subsidies but the taxi company was eventually smashed by a combination of the ACCC, state governments which reduced its 10% surcharge on all taxi payments and Uber. Was renamed A2B Corporation in 2018 and then taken private by Singaporean company ComfortDelGro in 2024 for the equivalent of $2.30 per share or $182 million, by which time the business had shrunk to a fraction of its former glory. The share price peaked at more than $10 a share before the GFC.

Carbon Energy (CNX): bought 770 at 65c on January 21, 2010. Sold 760 at 55c on April 12, 2010 to lose $380. Retained 10 units until it went into administration in 2018. The final balance sheet showed accumulated losses of $266m and net equity of $1.97m. Never attended AGM.

Carbon Revolution (CBR): did a $25 million placement at $1.50, followed by a $3m SPP in 2020 which attracted $2.73 million in applications from 252 shareholders with an average application of $10,833. Only 8.25% of the 3,053 shareholders participated because it was out of the money for part of the offer period and they failed to offer a VWAP pricing alternative. Wrote to them asking for extra transparency on the retail participation rates and was very pleased when they delivered and joined our best practice list. Was delisted in November 2023 after a deal with a US firm and the stock was trading below 10c towards the end, so all up a poor investment. Final balance sheet before it was taken over in 2023 showed $378 million of accumulated losses and just $15.7m in net equity. See formal addresses at the scheme meeting when it was taken over by a SPAC and moved its listing to the US.

Centaur Mining & Exploration: this Joe Gutnick mining company collapsed in May 2001 with $650 million in debts and the last annual report claimed it had net assets of $110 million. Total losses exceeded $500 million for shareholders and lenders.

Centro Property Group, (1985-2011): started out as Jennings Properties after a February 1985 float put together by Jennings Group. Later rebranded to Centro Property Group which spun out and managed the separate Centro Retail Trust. Came a cropper during the GFC after over-committing in the US and then the hard assets in Centro Retail became the core of a restructured Federation Centres, which later merged with Novion, so we're calling Centro Retail as the surviving entity with both Novion (the old CFS Retail) and Centro Property Group therefore appearing on this dead companies list. Wikipedia has a good summary of the complicated Centro debt restructure in 2011.

Ceramic Fuel Cells (CFU): the final result before it went broke was in August 2013 when it reported a $19.8m loss, accumulated losses of $276m and $15.7m of net assets which were subsequently worthless. See Wikipedia write-up.

City Pacific: collapsed in 2009 and reported a final loss of $74.3 million which left it with negative equity of $9 million and accumulated losses of $240 million. Former Liberal Party strongman Shane Stone was one of the directors.

Clean Seas Tuna (CSS): bought 400 at $1.29 on June 28, 2007. Sold 300 at $1.65 on Oct 31, 200 to recover investment. Applied for $3300 worth of shares at 55c in June 2009 entitlement offer but scaled back to just 13 new shares. Sold 1,962 at 29.5c on Jan 6, 2010. Retained 26 shares but must have been taken out by unmarketable parcel offer as not on register in 2025 when Pro Medicus Rich Lister Anthony Hall came through with a takeover bid at 14c per share which values the equity at $28.2m. Final balance sheet showed accumulated losses of $208m and net equity of $29.3m, so investors dropped more than $200m.

Collection House: the Brisbane-based debt collection company declared a hefty $65 million loss in February 2022 so when it collapsed on June 30, 2022 there was no overly optimistic accounts hiding the problems but instead negative equity of $25 million after it wracked up $138 million in accumulated losses.

Commander Communications: after new CEO Amanda Lacaze (now of Lynas fame) took an axe to the balance sheet in February 2008, the net assets were only at $20.68 million by the time it collapsed six months later with accumulated losses of $211 million. The final auditor was RD Dring from PwC.

Copperco (CUO): the Queensland focused mining and exploration claimed to be worth $79.5 million in its final balance sheet before it collapsed in November 2008. The final result was a $5.2m profit but it did have accumulated losses of $101.4m so investors dropped almost $200m overall. Howard era Defence and Industry Minister John Moore AO was on the board which got hit by weak copper prices after getting the Lady Annie copper mine near Mt Isa into production. The mine has a copper processing facility in Mt Isa and the full operation was owned and operated by Chinese miner CST Mining Group, until it was offloaded in 2019 when the mine was largely depleted.

Crescent Gold (CRE): I lost $280 investing in this one. Delisted in 2012 and was later taken over by Focus Minerals. The final balance sheet showed $236m in accumulated losses and net assets of $17.2m.

CSG (CSV): bought 310 at $1.63 on Jan 9, 2008. Sold 300 at 87.5c on June 3, 2009 to lose $280. Put $10,000 into SPP at $1.90 and exited at $1.92 on June 11, 2010 to make a net profit of $80. Delisted in 2020 after Japanese firm Fuji Xerox completed a 31c takeover which valued the equity at around $140m. The final balance sheet in August 2019 showed accumulated losses of $152m and net assets of $100.8m so investors lost about $110m overall.

Decmil (DCG): initially floated in April 2004 when it raised $2.7m at 30c and the Perth-based civil and mining contractor was finally taken over by rival MacMahon Holdings in August 2024 at an enterprise value of $127 million. It went to the grave with accumulated losses of $246 million.

Destra Corp (DES): bought 9,091 at 5.5c on June 16, 2008 and went into administration in November 2008, just five months later. Can't find any sell records on Commsec during that time so must have lost the full $520. Ouch. The final balance sheet showed $102m in accumulated losses and $20 of net assets so shareholders dropped $122m overall. David Gordon was executive chair of this media and entertainment outfit at the end and owned 10.6m shares. Prime Media was the biggest shareholder with 43%.

Dyesol(DYE)/Greatcell Solar (GSL): the solar technology company floated in 2005 when it raised $2.54 million through the sale of 12.7 million shares leaving it with 57 million shares on issue. The stock peaked at $2.10 in 2007 when the 21.3m shares owned by directors Gavin and Sylvia Tulloch were worth more than $40 million. Changed its name to Greatcell Solar (GSL) in 2017 and went into administration in 2019. The final balance sheet in March 2018 showed accumulated losses of $118m and net equity of 140k.

Ecofibre (EOF): was once our largest medicinal cannabis grower with early backers including Barry Lambert & Chris Cuffe. Was delisted by ASX on August 29, 2025 for non-payment of listing fees after wracking up $113m in losses. Was still claiming to have net assets of $25m at the death, so investors smoked almost $140m overall.

Eircom Holdings, (ERC): floated on the ASX in February 2005 as Babcock & Brown Capital after raising $800m at $5 a share and then changed its name to Eircom Holdings in 2009 reflecting its main business being control of the Irish telco. Was massively leveraged and eventually got taken over by STT Telecommunications at just 55c a share in late 2009.

Elmore Ltd (RLE): Perth-based company which formerly traded as IndiOre Ltd and went under in February 2024. Its last harrah was buying the operational Peko magnetite project in the NT for $30m in 2022. Final accounts showed accumulated losses of $117m and negative equity of $13m so investors lost just over $100m.

Energy Resources Australia (ERA): $3.7 billion - see results from August 2024 which showed accumulated losses at $3.7 billion and negative equity running at $1.77 billion. This is because 90% shareholder Rio Tinto is bankrolling the circa $2 billion Ranger uranium mine clean up and sitting on the potentially lucrative deposit Jabiluka deposit which minorities would prefer they try to sell or develop. The Federal Government recently cancelled the Jabiluka lease, which ERA is challenging in the courts.

Estia Health (9 years, 2014-2023): originally floated in 2014 when it raised $725 million at $5.25 a share in a Quadrant driven private equity roll-up and flip. After woeful performance, it was then privatised by private equity firm Bain in 2023 in a deal which valued the equity at $3.20 a share or $828 million. Its market cap peaked at $1.4 billion in 2015-16 when the shares topped $7 but then crashed during COVID so this was a dud for public investors who endured the full 9 year public journey.

Forest Enterprises Australia (FEA): claimed to have retained earnings of $110m and net equity of $291m in August 2009 and then did an emergency $39.5m equity raise after this but was broke early in 2010 thanks to the forestry industry wipe out so total losses exceeded $300m. It had a big Tasmanian saw milling operation in Bell Bay and ran 17 forestry investment schemes across Australia which got hit when the ATO changed the rules.

Great Southern Plantations: the tax driven plantation timber company claimed to have net assets of $706.4 million when it collapsed after the GFC in 2009. It also had retained earnings of $205 million at the death.

Gunns, 2012: the Tasmanian timber giant reported a $904 million loss in 2011-12, led by a $750 million forestry write-down, which reduced net assets to just $24.2 million. Administrators were called in a few weeks later to a business which once had a market capitalisation of almost $2 billion.

Haoma Mining (HAO): was delisted in 2018 after disputes with the ASX over JORC but remains operational as an unlisted company and is holding a physical AGM on June 25, 2025 in Melbourne. See 2024 annual report. Latest balance sheet shows accumulated losses of $120.2m and negative equity of $5.5 million.

Henry Walker Eltin (HWE): the mining contractor collapsed in 2005 with Leighton picking up most of the assets from the administrator. The final accounts for 2004-05 showed claimed net assets of $251m, $200m in contributed equity and $48m in retained earnings so the overall experience was a loss of more than $150m.

HIH Insurance, (19 years, 1992-2001): was floated in 1992 and then placed in liquidation on March 15, 2001 when it was still claiming to have net assets of $953 million. Market cap peaked at more than $1.5 billion.

Hills Industries: was delisted in 2023 for not paying its listing fees and the final balance sheet in February 2023 showed accumulated losses of $283 million, so all up around $300 million was lost by the famous maker of the Hills Hoist.

Hutchison Telecom (HTA): $4.25 billion - just keeps soldiering on as a listed company, backed by billionaire Li Ka Shing. This is why the Murdochs and Packers put One-Tel under in 2001. After ploughing on, HTA has accumulated losses of $4.25 billion and net assets of just $23.8m as of December 31, 2024. But the market cap is around $400m with stock at 2c.

ING Real Estate Entertainment Fund (IEF)/Lantern Hotel Group (LTN): bought 500 IEF at $1 on Jan 22, 2008. Sold 597 at 16c on May 8, 2009 to lose $430. Retained 10 shares which used to attend a Sydney AGM where grilled Sydney Swans chair Richard Colless about the pokies. Later became Lantern Hotel Group (LTN) which was wound up in 2018. The final balance sheet showed $124.2m in accumulated losses and just $1.45m in net assets.

ION: the car parts company collapsed in late 2004, but the 2003-04 results claimed a net profit of $29.7 million and $297.1 million in net assets.

Isentia (ISD): Taken over by Access Intelligence for 17.5c per share in 2021. The final balance sheet in February 2021 showed paid up capital of $403m, reserves of $251m for some reason, accumulated losses of $113m and net assets of $40m. The takeover valued the equity at $35m.

Isignthis, 2019: briefly had a market capitalisation above $1 billion before it was suspended by the ASX in October 2019, never to return. The last half year report before the suspension only showed $12.8m in net assets and $30.9m of accumulated losses but the bigger losses were incurred by largely retail investors who bought in at inflated prices and then found themselves holding worth less suspended shares.

Isoft (ISF)/IBA Health(IBA): an IT health provider which originally traded as IDT and was eventually taken over for 17c a share or $182 million by CSC Computer (excluding $200m bank debt) in 2011 after wracking up accumulated losses of $459 million. The last balance sheet claimed it had net assets of $170m so overall investors lost about $450m.

Ivanhoe Australia (IVA): bought 343 at $1.46 on Sept 1, 2008. Sold 343 at $1.01 on Mar 26, 2009 to lose about $60 after brokerage. Later changed its name to Inova Resources (IVA) which was bought by Chinese company Shangxi Donghui Coal for 22c a share in 2013. This valued the equity at $160m and the final balance sheet showed $560m in accumulated losses and net assets of $137m so it was a disaster for investors. The company raised $125m in a 2008 IPO to pursue copper-gold projects near Cloncurry.

Jervois Global (JRV): $400.8m in accumulated losses by February 2024 with more to come given the shares were at 1c on June 30 2024 giving it a market cap of $43m against claimed net assets of $170m.

Kagara Zinc: the stock peaked at $7.60 in September 2006, but it went into administration in 2012 at a time when it claimed to have net assets of $478 million.

Kalium Lakes (KAL): a potash and salt mining outfit chaired by former WA Liberal Minister Cheryl Edwards AO which appointed receivers in August 2023 and last reported in February 2023 when it claimed to have net assets of $93.3 million after accumulating $190.6 million in losses. Federal taxpayers look to have lost $83 million through the Northern Australia Infrastructure Fund (NAIF).

Lepidico (LPD): Perth-based company which aspired to be a "globally significant alkali metal chemical producer". Unfortunately, it went broke in December 2024 and was delisted in August 2025 with total losses for investors of $124m, including $52.5m in accumulated losses and claimed equity of $88m in this last annual report.

Living and Leisure Australia (LLA): owned the Melbourne Aquarium and other tourism assets and was taken over by UK firm Merlin for $140m in 2012. The final accounts showed accumulated losses of $103m and claimed net assets of $135m so the overall losses were about $100m.

Link Group, (9 years, 2015-2024) Japanese giant Mitsubishi agreed to pay $2.16 per share or $2.1 billion in enterprise terms after years of poor performance, much of which was associated with its UK division. The share registry and investor services business was floated at $6.37 per share in October 2015. However, when you add back the performance of PEXA, which was spun off in 2021, the performance wasn't as bad.

Livetiles (LVT): the HR platform called in the receivers in December 2023 after wracking up $186m of accumulated losses, but still claimed to have $34.8 million of net assets after reporting a $24.7m net loss in 2022-23.

LNG: Sydney head quartered company which collapsed in early 2020 claiming to have net assets of $18.3 million after accumulating $452 million in total losses trying to develop the Magnolia LNG export terminal in Louisiana.

Looksmart (LOK): the once high flying tech stock that managed internet listings never really recovered from losing its major Microsoft contract and eventually chose to delist from the ASX in 2007 with accumulated losses of $US217m, claimed net assets of $US72.5m and paid up capital of $US274 million.

Lucapa Diamond Company (LOM): the Africa-focused miner claimed to have net assets of $64.8m in February 2025 but by August 29 it was being delisted after going broke. Add in the $84.6m in accumulated losses and investors have smoked circa $150m.

# Macquarie DDR Trust(MDT)/EDT Retail Trust (EDT): bought 410 at $1.23 on July 10, 2007. Sold 400 at 6c on April 20, 2009 to lose $500. Changed its name to EDT Retail Trust (EDT) in 2010. It was taken over with a 9c offer in 2011 which yielded 90c for residual 10 shares. Never attended AGM. The final balance sheet showed accumulated losses of $333m and net assets of $518m. The EPN 9c takeover valued the equity at $425m so investors dropped about $400m overall.

Macquarie Office Trust (MOF)/Charter Hall Office (CQO): almost went broke during the GFC and then became Charter Hall Office (CQO) from 2010. Was taken over in 2012 by 3 parties (Charter Hall, Singapore pension fund and Canadian public pension fund) at $3.60 per share, which valued the equity at $1.8 billion. The final balance sheet showed accumulated losses of $624.3m and net equity of $1.8 billion so the overall experience for shareholder was a loss of $624m.

Mariner Financial (MFI)/Mariner Corporation(MCX): Was launched in 2006 with former Challenger boss Bill Ireland and former Record Investments boss Mark Phillips in charge and fund manager Geoff Wilson on the board. But this team only lasted 4 months as The AFR noted at the time. I bought 650 at 77c on May 29, 2007 on lost most of this. Changed its name to Mariner Corporation (MCX) in 2009 which was finally delisted in 2024. The final balance sheet in August 2023 showed $138.8m of accumulated losses and negative equity of $1m.

Marlay Spoon (6 years, 2028-2024): the German-based packaged meals company floated on the ASX in July 2018 after raising $70 million at $1.42 per share? Did a large number of capital raisings and eventually delisted from the ASX in July 2024. See this write up on the disaster for Intelligent Investor.

McAleese (MCS): transport company started by former Toll and Asciano Rich Lister Mark Rowsthorn but it hit the rocks after accidents and safety problems. The final result was a $97.4m loss for December 2015 half year and the final balance sheet released in February 2016 showed accumulated losses of $208m and net assets of $39.8m so when it went under later that year total losses were in the order of $250m.

Metgasco (MEL): Floated in late 2004 after raising $5m at $20c and was still listed 20 years later staggering along with $112m of accumulated losses by March 2024 after blowing most of its money failing to get fracking up in NSW. Is now exploring in the Cooper Basin.

MFS/Octaviar, 2009: plunged to a belated $242 million loss for the half to December 31, 2007 after writing down the MFS Pacific Finance division by $246 million but this still left it claiming to have $1.22 billion in net assets. The market cap peaked at more than $1.5 billion before it collapsed in 2009.

Mighty Craft (MCL): the boutique brewer listed in 2019 when it raised $17.5m at 50c and collapsed in July 2024 with its last half year accounts putting paid up capital at $109 million, all of which has been lost. The AFR reported that debts and creditors were at $40 million.

Mirabela Nickel (MBN): the Perth-based company chaired by Bill Clough developed the Santa Rita nickel mine in Brazil that commenced production in 2009. The stock peaked at $7.90 in June 2008 when it was briefly capitalised at more than $1 billion. The smelter closed in 2013 and then it had a messy 10 year work out and was still being liquidated in 2024, according to delisted.com. The final balance sheet in 2015 before receivers were appointed showed $664m in accumulated losses and negative equity of $9m.

Mirvac Industrial Trust (MIX): bought 610 at 81c on Dec 5, 2007. Sold 610 at 7.8c on April 16, 2009 to lose $460. In 2014, it was taken over by a Goldman Sachs fund called AustFunding which paid 22.6c per share. See scheme meeting addresses. The final balance sheet showed accumulated losses of $254m and net assets of $71.1m but the takeover valued the equity at $82m so all up investors smoked about $240m.

Monarch Gold: Michael Kiernan's mining outfit collapsed in 2008 when it was claiming to have $58.45 million in net assets after wracking up $65m in accumulated losses meaning all of the $119m in contributed capital was lost.

Mosaic Brands(MOZ)/Noni B(NBL): originally traded as Noni B then changed its name to Mosaic Brands in 2019 but never recovered from COVID and went into administration in October in 2024. The final balance sheet in February 2024 showed $241m of accumulated losses and negative equity of $60m.

Multiplex European Property Fund (MUE): bought 863 at 58c on Mar 7, 2008. Sold 800 at 62c on Apr 28, 2008 to recover most of investment. Retained 63 shares until delisted in 2015 when its portfolio of 62 German properties were sold. The final balance sheet showed $161m in accumulated losses and net assets of $30m. The chair mentioned the likelihood of a $20.7m surplus to be distributed up until 2018 in the 2015 wind up meeting so all up investors dropped about $170m.

Neptune Marine (NMS): bought 530 at 97c on Jan 15, 2008. Sold 520 at 58.5c on July 20, 2009 to lose $150. Retained 60 shares. Changed name to Blossomvale Holdings (BLV) in 2019 which delisted in 2020. The final balance sheet showed a whopping $246.4m in accumulated losses and net assets of just $14.7m so a total disaster for investors. Never attended AGM.

Newsat (NWT): the wannabe satellite company collapsed in 2015 and its final accounts for December 31, 2014 showed a $39.7m loss, accumulated losses of $135m and claimed net assets of $203 million, meaning shareholders dropped more than $300m overall.

Nexus Energy (NXS): oil company which was bought from shareholders for virtually nothing by Seven Group in 2015. The final balance sheet in 2014 showed accumulated losses of $538m and net assets of $159m after a $150m loss so all up investors dropped north of $600 million.

National Leisure & Gaming (NLG): bought 1,330 at 37c on June 7, 2007. Sold 1,320 at 0.7c on June 15, 2009 to lose $520 including brokerage. Retained 10 shares until administrators appointed in 2011. Never attended AGM. The last annual report showed some luminaries on the board and shareholder losses of $149.5m as it wracked up accumulated losses of $181.7m and negative equity of $32.2m. Craig Laundy was the biggest shareholder and a director.

One-tel, (4 years, 1997-2001): collapsed in 2001 with audited net assets of $945 million despite never declaring a profit. Market cap peaked at more than $2 billion on irrational exuberance after the Murdoch and Packer families backed the company but weren't prepared to sustain the huge losses needed to seriously compete as a telco network owner, as opposed to just being a marketing focused re-seller.

Pacific Brands, (12 years, 2004-2016): raised $1.3 billion at $2.50 a share in a 2004 IPO and was bought by US clothing company Hanes Brands when it offered $1.1 billion or $1.15 a share in 2016.

Panoramic Resources (PAN): called in the voluntary administrators on December 14, 2023. They're final accounts claimed net assets of $142 million after chalking up $236m in accumulated losses. There were 11,000 retail shareholders in the Perth-based company when it died having taken a total of $376m from investors. Where did all that money go? Mainly into the Savannah nickel project in the Kimberley region.

Pasminco, (12 years, 1988-2000): declared a $23 million net profit for 1999-00 and then collapsed shortly after, still claiming to have net assets of $1.5 billion. Market cap peaked at more than $2 billion.

PMP/Ovato, (31 years, 1991-2022): the magazine and printing business and was floated by News Corp in November 1991 and briefly had a market cap above $1 billion before eventually changing its name to Ovato and collapsing in July 2022.

Powerlan (PWR): bought 1,820 at 15c on May 2, 2008 and bought 1,514 at 15c on May 8, 2008 for $520. Sold 3,324 at 6.9c on June 16, 2009 to lose $300 . Bought 83,300 at 7c on February 24, 2010 in capital raising for a $830 profit. Overall gain $530. Retained 43 shares until collapsed. Changed its name to Clarity OSS (CYO) in 2012, which delisted and failed in 2017. The final balance sheet showed accumulated losses of $173.8m and negative equity of $11m, so investors dropped about $160m overall.

Prime Media (PRT): the former regional television operator sold its main assets to Seven West Media in 2022 and was delisted in January 2024 carrying $273m in accumulated losses.

Prime Retirement and Aged Care Property Trust (PTN): collapsed in 2010 and the final accounts for December 31, 2009 showed a $12m loss and claimed net assets of $264m. There was $481m of contributed equity which was all lost and ASIC ran a case for years against the directors who included Liberal Party figures Michael Wooldridge and Peter Clarke. The main player responsible for the loss was Bill Lewski and the battles over the debacle were still running 10 years later in 2021.

Primelife(PLF)/Babcock & Brown Communities(BBC)/Lendlease Primelife(LLP): bought 370 Primelife at $1.40 on November 2, 2005. Not sure of exit. Lendlease mopped it up with a 35c per share offer in 2009 which valued the equity at $325m. The final balance sheet showed accumulated losses of $275.2m and net assets of $528m, so investors lost about $475m overall.

Quintis: the Perth-based sandalwood company reported a $416 million full year loss in 2016-17, but this still left it claiming to have net assets worth $317 million at the time when administrators were called in on January 22, 2018.

Range International (RAN): They took on Brambles & manufacture plastic pallets in Indonesia but had $129m of accumulated losses, according to this last balance sheet, when the ASX delisted them in August 2024 for non-payment of listing fees.

RCR Tomlinson: final full year result from the construction outfit was a loss of $16 million but the company raised $100 million in fresh equity after declaring it was worth $380 million before it went broke in late 2018 so you could argue that claimed assets at the time of collapse were really $480 million.

Reckson New York Unit (RNY): bought 810 at 61c on Dec 19, 2007. Sold 810 at 6.7c on April 16, 2009 to lose $470. Delisted in 2021 with Keybridge, Wilson and Huntley in the mix. Never attended AGM. Final balance sheet showed $241m in accumulated losses and $12.3m in net assets so a disaster for investors.

Record Realty (RRT): a heavily geared investment vehicle in commercial properties, mainly office towers, which Allco took over the management of in 2005. The final result was a $253m loss in 2007-08 which left it with accumulated losses of $185 million. When it collapsed in 2009 it claimed to have net assets of $131 million, so equity investors dropped more than $300m before considering lender losses. These were led by Bank of Scotland which appointed the administrators and itself had to be nationalised by the UK government after the GFC.

Redflow (RFX): Queensland-based battery company which appointed administrators in August 2024. The final result in February 2024 was a $13m loss for the half and the final balance sheet showed $163m in accumulated losses and only $7.4m in net assets so they've blown up $170m and never got across the valley of death. The CEO of Redflow might have accompanied Albo to see Biden in the White House in 2023 to show case Australia's climate efforts but it was eventually delisted in August 2025 for not paying its listing fees. Energy transition is tough business.

Regional Express (REX): the regional airline collapsed in July 2024 with the last balance sheet claiming it had $154 million in net equity, AFTER considering its circa $250 million in debt.

Resource Generation (RES): The aspiring developer of a South African coal mine claimed to have $101m in net equity in these final results in March 2021 before collapsing with accumulated losses of $85 million so the total losses for investors were almost $200 million. There have been dozens of Australian listed companies which have failed trying to develop new mines in Africa. The Boikarabelo coal mine proposal never made it to production.

Rubicon America Trust (RAT): the Allco managed property investor in the US declared a huge $587 million loss in February 2009 shortly before it collapsed with negative equity of $143 million.

Rubicon Europe: a big loss slashed its claimed net assets from $537 million to $298.2 million in the 2007-08 balance sheet, but the listed and heavily geared property investor was suspended in November 2008 and then collapsed in 2009.

Salinas Energy(SAE)/Neon Energy(NEN): bought 2,500 at 20c on September 30, 2008. Sold 2,500 at 11c on April 3. 2009 to lose $270. Changed its name to Neon Energy (NEN) in 2009 and then Neon Capital in 2016 before it was delisted in early 2017. Final balance sheet showed accumulated losses of $156m and net assets of $19.6m, so investors dropped plenty.

Sihayo Gold (SIH): the Indonesia-focused gold explored delisted in August 2024 after a takeover from its biggest shareholder which valued the company at $27.5 million. But with $148m in accumulated losses and claimed net equity of just $16.4m in the final accounts, shareholders have dropped more than $120 million.

Slater and Gordon, (16 years, 2007-2023): never officially collapsed as was rescued in a scheme of arrangement but the final full year result was a $546.8 million loss in 2016-17 and this followed a $1.017 billion loss in 2015-16. Did a massive debt for equity swap to stay listed before Allegro privatised it in 2023 at just 55c a share. The final results showed it carried $1.25 billion in accumulated losses.

Smorgon Steel, (8 years, 1999-2007): floated in the mid-1990s when the family imploded and then taken over by One Steel in 2007 in a deal valued at $1.16 billion. Name was later changed to Arrium, which went broke.

Solution 6, 2004: was capitalised at more than $1 billion when the tech darling saw its shares peak at around $17 before the 2000 tech crash, but Dick Pratt was one of the only winners selling his stake for a profit of more than $100 million. Later merged with Sausage Software and then was swallowed by MYOB for $233m or 92c a share in 2004.

Sons of Gwalia: the Perth-based gold miner collapsed in 2003 claiming to still have $728 million in net assets when it fell over. Somehow reported a $12.23 million profit for the 6 months to December 2003 which lifted retained earnings to $170m when this balance sheet claimed net assets of $728 million. Was in administration just a few months later showing how volatile mining companies can be when exposed to gyrating commodity and precious metals prices.

Staging Connections (STG): bought 336 at $1.49 on Sept 10, 2007. Sold 326 at 2.5c on May 20, 2010 for loss of $500. Retained 10 shares until it voted to delist at 2011 AGM. Had earlier traded as Isis Communications and AAV Corp and Crikey spent almost $5000 with the group to assist with the launch function on February 14, 2000. The final balance sheet showed $140m in accumulated losses and net assets of $56.4m so investors dropped around $200m overall.

Strandline Resources (STA): was delisted by ASX on August 29, 2025 for not paying its listing fees today after going into administration in February 2024. The Cockburn minerals sands project in WA shouldn't have been built. It delivered $297m in accumulated losses for STA shareholders.

Tamaya Resources (TMR): collapsed in 2008 and final balance sheet in August 2008 showed $148m in accumulated losses and $39.6m in claimed net assets so total losses approached $200m. Failed to get mining projects up in Portugal and Armenia and didn't make enough money from its Chilean copper mine to offset this.

Ten Network Holdings, (19 years,1998-2017): Canadian firm Canwest lead a consortium that bought it out of liquidation in 1992 and then after much fighting with Canberra over foreign ownership, it floated in 1998 with a $374 million offer priced at $2.15. It declared a final $231 million loss for the half year to March 30, 2017, and then administrators were appointed in June 2017 when it was still claiming to have net assets of $152 million. Market cap peaked at more than $2 billion.

Tiger Resources: See final results from August 2019 before it was delisted in early 2020, claiming to have $160 million of negative equity, so at least the $407m in accumulated losses were aggressively booked.

Timbercorp: the tax-driven plantation timber giant collapsed in 2009 claiming to have net assets of $595.6 million. The final full year result was a $44.6 million profit in the year to September 30, 2008.

Top Shelf International (TSI): finally went into administration in August 2025 and the final balance showed $106m in accumulated losses and claimed net assets of $40.5m so investors lost almost $150m overall.

Toys R Us, formerly Funtastic (TOY) $312m: after years of struggle, finally went into administration in June 2025. The final audited balance sheet in March 2025 showed accumulated losses of $312m and negative equity of $13m so investors are down about $325 million overall.

Troy Resources (TRY): see last results from February 2022 detailing a whopping $457 million in accumulated losses. Was delisted on September 1, 2023.

Uecomm, (4 years, 2000-2004) (UEC): the fibre infrastructure play floated in September 2000 just before the 2001 tech wreck when it raised $363m at $2.20 a share with United Energy retaining a 67% stake, as Brett Clegg explained in this AFR piece at the time. Then, Singtel Optus privatised the business with a 40c per share bid in 2004 which valued the equity at $226 million. The final balance sheet showed $168m of accumulated losses and claimed net assets of $124m, which doesn't quite add up given the float price.

Valad Property Group (VPG): bought 260 at $1.94 on June 27, 2007. Sold 264 at 8.8c on June 15, 2009 to lose $450. Retained 110 shares which were presumably sold into Blackstone's $1.80 per share takeover in 2011 which valued the equity at about $180m. The final balance sheet showed $2.1 billion in accumulated losses and net equity of $320m so was a huge debacle for investors.

Virgin Australia, (18 years, 2002-2020): initially floated by Richard Branson as Virgin Blue after the 2001 Ansett collapse and its final result for the half year to December 31, 2019, was a net loss of $104.8 million which left the business with negative net assets of $1.6 billion. The market cap peaked at more than $1 billion when it was making more than $200 million a year. Private equity firm Bain bought it out of administration in 2020-21 for more than $3 billion and is looking to refloat the business in 2025.

Walkabout Resources (WKT): was delisted by the ASX on August 29, 2025 for not paying its listing fees after going into administration in late 2024. The final balance sheet as of June 30, 2024 showed accumulated losses of $78.2m and net assets of $40m so the 3199 shareholders ended up dropping around $120 million. Before it fell over it was pursuing its fully permitted graphite project in Tanzania, plus exploring in Tanzania, Scotland and Northern Ireland, of all places.

Windimurra Vanadium: receivers were appointed in February 2009 with claimed net assets of $196 million in the 2007-08 annual report. These days, the project is on care and maintenance although the current owners claim it has had $700m of investment and is "well positioned to become the world's next major vanadium producer". A big problem is the location in the middle of nowhere, 670kms north of Perth but almost 500kms inland from Geraldton.

Copyright © 2025 The Mayne Report. All rights reserved

• share
  Share
  • 
    Facebook
  • 
    Twitter
  • email
    Email
  • print
    Print
  • link
    Copy Link
  • cancel
    Cancel