SYDNEY liquor industry identities Theo and Greg Karedis have taken a bath from the sale of a 7.2 per cent stake in pub operator National Leisure and Gaming.
The Karedis family, of Theo's Liquor fame, have offloaded 22 million shares at 1.2cents each in an on-market sale that returned them only $268,226.
The sale went through on Tuesday, the day after NLG slashed its full-year earnings forecast for the third time in less than four months.
In February this year the Karedis Investment Group, which has been a long-time NLG backer, bought 47.2 million NLG shares at 13c, costing more than $6.1 million.
The purchase lifted the family's NLG stake from 7.6 per cent to 17.2 per cent.
Tuesday's sale has cut that figure back to 10 per cent.
The Karedis family has remained a major liquor industry investor since Coles Myer paid $232 million for their Theo's Liquor business in early 2003.
NLG share's price has more than halved since Monday, when it was trading around 2.6c.
At the close yesterday it was at 0.0006c, down 0.003c.
One of Australia's largest hotel operators, controlling 39 hotel leaseholds and 1000 gaming machines, NLG has until the end of the month to renegotiate a $200 million bank debt.
NLG Price at posting:
0.0¢ Sentiment: None Disclosure: Held
