AFG

Allco Finance Group's (AFG) chief executive officer David Clarke who was employed for the last 18 months to rescue the company from debt has resigned with a fall in share market. Last November AFG was valued at $52 million. On April 2007, when Clarke joined the company, the share price was about $11.50. The appointment of Clarke was considered as a historic, key movement for the company.

Allco Finance Group has reached a refinancing agreement with its syndicate banks on the new senior debt facility which would see the asset manager to bring down its debt to $400 million in next one year. Allco has not only gained support of its bankers, but it shall also be working on two new investment funds housing up to $1 billion in aviation and shipping.

Allco Finance (AFG), struggling fund manager, announced that its bankers have granted further extension on its senior debt facility of up to $1.5 billion. It further added that its talks with its bankers continue on a positive note. AFG has agreed for an extension for $250 million bridging facility as it received an extension of deadline till July 31. Banks have granted the new deadline to the company to sort out its refinancing while they still continue to call shots inside Allco.

FKP Property was the overall best performing stock taking in a 41.24 percent increase. It was a mixture of investment and asset management, financial services, energy and metal, and property companies who were among the best performing stocks for the week 25 of 2008 of the Australian sharemarket: Babcock & Brown (BNB), Allco Finance (AFG), Sims Group (SGM), FKP Property (FKP), Babcock & Brown Capital (BCM). These best performing stocks managed gains above 12.57 percent by the end of the trading week.

Minara Resources (MRE) was the overall worst performing stock in either f the ASX100 and ASX200 indices taking in a 18.56 percent decrease in their share price on the Australian stock exchange. Although the overall loser on the Australian markets this week goes to Clive Peeters (CPR) which shed 25 percent closing the week at 50 cents.

Transfield Services (TSE) was the overall worst performing stock taking in a 18.46 percent decrease in their share price. Among the worst performing stocks for the week 20 of 2008 of the Australian sharemarket were a mixture of specialist services, retail investments, and financial services: Transfield Services (TSE), Centro Properties (CNP), Allco Finance (AFG). These worst performing stocks for the week 20 of 2008 recorded losses above 14.28 percent by the end of the trading week.

Allco Finance (AFG) was the overall best performing stock taking in a 80.61 percent increase. Among the best performing stocks for the week 17 of 2008 on the Australian sharemarket were a mixture of financial services, property management, coal mining: Allco Finance (AFG), Valad Property (VPG), Westpac Banking (WBC), Macarthur Coal (MCC), Felix Resources (FLX). The best performing stocks for the week 17 recorded gains above 10.52 percent by the end of the trading week.

Queensland Gas (QGC) was the overall best performing stock taking in a 17.54 percent increase. It was a mixture of financial services, Insurance, beef production and forestry, energy, and oil companies who were the best performing stocks for the week 16 of 2008 of the Australian sharemarket: Allco Finance (AFG), Insurance Australia Group (IAG), Futuris Corporation (FCL), Queensland Gas (QGC), AED Oil (AED). These best performing stocks managed gains above 7.6 percent by the end of the trading week.

Roc Oil was the overall worst performing stock taking in an 11.92 percent decrease. It was a mixture of property development, mining, financial services, and oil companies who were among the worst performing stocks for the week 14 of 2008 on the Australian sharemarket. Valad Property (VPG), Lihir Gold (LHG), Allco Finance (AFG), Roc Oil (ROC), Equinox Minerals (EQN). These worst performing stocks for the week 14 recorded losses above 6.12 percent by the end of the trading week.