Shares in Aussie SVOD service suspended

Struggling Australian subscription on-demand service Quickflix has had its shares suspended from the country’s stock exchange.

The firm has failed to pay its annual listing fees on the Australian Securities Exchange and was therefore one of the companies blocked from trading.

Quickflix went into administration in April in the face of stiff competition from Netflix, Stan and Presto.

There has already been a trading halt in place since August 2015, and its share price was A$0.001 when stock trading was suspended.

Quickflix attempted to make a content agreement with Stan, which Nine Network and Fairfax Media owns, earlier this year, but that did not materialise, and a separate financing agreement with a Chinese content company also failed.

Administrators are working to find a buyer for the company, after a court granted it a reprieve in May. Creditors will meet to discuss options, including a winding up order, in October.