Forge exits ASX200 index

S&P Dow Jones Indices will remove Forge Group from the S&P/ASX200 as the company was placed in voluntary administration.

S&P Dow Jones Indices will remove Forge Group (FGE) from the S&P/ASX200 as the company was placed in voluntary administration.

Forge will be removed from the ASX200 after the close of trade on February 13.

Nine Entertainment Co Holdings will replace it after the close of trade on February 19.

Forge confirmed last night that it had called in insolvency firm Ferrier Hodgson, with KordaMentha set to take the roles of receivers and managers.

In November, shares in Forge tumbled 83% after it informed the market of a $127 million writedown, before the stock rallied 54% on news it had inked a deal to proceed with the construction of the $1.47 billion processing facility at Roy Hill.

Forge shares are now in an indefinite suspension having last traded at 91.5 cents with a market capitalisation of $79 million.

The company traded above $4 prior to the November writedown.