Ridley catches bird flu
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Shares in Ridley Corporation (RIC) took a dive to its lowest level in over a month after avian influenza was detected at a New South Wales plant.
The stock shed 4.7%, or 4 cents, to 81 cents as Ridley warned that it could not ascertain the earnings impact from new case of bird flu, which has prompted the Department of Agriculture, Fisheries and Forestry to suspend export certification on some poultry and pet food products.
Australian rendered poultry products have already been barred from China and Indonesia, two of the largest export markets, for almost a year following a similar incident in Maitland last November, and further restrictions are likely to be imposed even though NSW authorities do not believe there are any food safety issues as the virus is killed during food processing.
Ridley is looking to offset the negative impact from the export restrictions by developing domestic markets and entering new international markets that do not have import restrictions for its poultry meal products used as livestock feed.
Ridley has been highlighted as a potential takeover target in this week’s Eureka Report article and is part of the Uncapped 100.
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