Rich Lister Raphael Geminder had more than $150 million wiped from his personal wealth after packaging company Pact Group revealed its profit margins had been crunched, triggering a hefty plunge in the share price.
Mr Geminder, the company's chairman, holds a 40 per cent stake in Pact which undershot profit expectations by around 10 per cent. Pact Group shares tumbled by almost 22 per cent at the close of trading causing shareholders to wince as $1.17 was stripped off the share price which finished at $4.17.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
