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Australia's Axsesstoday revokes dividend plan

Axsesstoday Ltd.'s board has revoked a previous decision to pay a dividend.

The Melbourne-based company said in an Oct. 8 release that due to recent disclosed events, it will instead focus on gathering capital to support existing debt facilities as it works to amend such facilities with lending partners.

This comes as the company breached financing agreements with senior bank creditors, according to a Sept. 24 release.

The breaches included changing its arrears reporting methodology and corporate structure, via the creation of new group entities, without the prior consent of the banks. Further, the funding of around A$2 million in business loans through one of the new entities also fell outside the terms of its banking facilities.

The company had Aug. 27 declared a dividend of 2.9 cents per share, to be paid Oct. 18.