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Honeymoon over between Evans & Tate and Cranswick

It’s been an interesting honeymoon for the Tate and Cranswick Smith camps. With the late-breaking revelation that Cranswick wore a $23 million loss for the year ending June 30 and a subsequent downward adjustment in the payment to Cranswick shareholders from A$1.38 to A$0.93 per share, Franklin Tate has decided to raise around $1.3 million by flogging off Cranswick’s pride and joy: its two passenger aircraft. The new group is now valued at around A$94 million.

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