Childcare operator's major shareholder seeks details as share slide continues
On Friday, a day after shareholder advisers raised the prospect of clawing back some of G8 CEO's Pejman Okhovat's pay, the union representing workers in the for-profit sector also spoke out, questioning if CEO bonuses and company profits should instead be invested into child safety.
A G8 spokesperson told this masthead that chief executive Pejman Okhovat and chief operating officer Shane Dann have been on the ground in Melbourne meeting with some of the affected families.
'As we learn more about what is unfolding, we are fully co-operating with Victorian police, the Victorian government and other relevant authorities as part of the investigation,' the spokesperson said.
'We are committed to supporting the legal process in every way we can.'
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Almost $170 million has been wiped off the value of G8 Education since the sexual abuse allegations surfaced on Tuesday. G8's share price dropped another four per cent on Friday to 96¢, dipping below the dollar mark for the first time this year.
On Friday, Tanarra Capital, founded by investment banking heavyweight John Wylie and one of G8's largest investors, became the latest to sharpen their scrutiny of the company. Tanarra has close to a 12 per cent stake in G8, according to the childcare provider's most recent annual report.
'Like the rest of the community we have been shocked and distressed at what has unfolded,' a spokesperson told this masthead.
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