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Ardent Leisure shares hit seven-year low
The share price of Dreamworld owners Ardent Leisure has tumbled around 20% in the past week, from highs of $1.62 on 4th March to as low as $1.29 at the time of writing.
As reported by theme park enthusiasts website Parkz, the drop in share price over the past week has wiped some $140 million in share value for the company
While Ardent's shares have been trending downward since the Thunder River Rapids incident claimed the lives of four riders in September 2016, it is the lowest share price for the group since July 2012 when the company was steadily emerging from global financial downturns that saw the price topple to under a dollar in years prior.
The current dip ahs not been as a result of any investor announcements or changes to holdings by major shareholders.
However, it does follow an announcement came from Dreamworld on Friday that the popular WipeOut ride would be retired to be replaced by a "chill space featuring shading and seating".
The attraction had been affected by maintenance issues for a number of years despite lengthy maintenance periods and an assurance from Dreamworld executives in late-2017 that the attraction had at least 10 years life remaining at Dreamworld based on an audit from engineering firm Pitt & Sherry.
Pitt & Sherry are retained by Dreamworld to perform "independent mechanical, structural and electrical engineering and safety review" of their rides and attractions.
Then Chief Executive of Dreamworld Craig Davidson told Parkz in November 2017 "What we've done with all of our infrastructure with Pitt & Sherry is we've asked them to do a term of life assessment ... what they found is that we have a term of life on the Wipeout which is at least another 10 years."
Following the announcement of the removal of the WipeOut, enthusiasts hit out at Dreamworld on social media.
Parkz's Richard Wilson wrote "investors have seemingly followed public sentiment with the dramatic drop in Ardent's share price in recent days."
Prior to two of its investors joining the Ardent Leisure board in late 2017, investment group Ariadne called for an investment of $25 million in new attractions at Dreamworld.
9th March 2019 - Dreamworld announces permanent closure of The WipeOut
7th March 2019 - Dreamworld advises appointment of safety engineering expert
22nd February 2019 - Ardent Leisure losses rise as guests fail to return to Dreamworld
15th January 2019 - No sign of opening for Dreamworld’s Sky Voyager
7th December 2018 - Dreamworld reputation savaged at inquest
22nd November 2018 - Ardent Leisure reveals theme park investment strategy
4th September 2017 - Ardent Leisure invites rebel shareholders to join board
2nd November 2016 - Ardent Leisure share price continues to fall amid safety scrutiny
25th October 2016 - Ardent Leisure shares fall after Dreamworld tragedy
12th March 2015 - Share volatility after Ardent Leisure announces new Chief Executive
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