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The 2014/15 annual report for Dick Smith Holdings, a major electronics retailer, published in August 2015 was upbeat about the prospects for the company and yet only 5 months later it went into administration.
The administration was followed by suspension of trading in its shares via the ASX. The company’s press release announcing the administration referred to disappointing sales and cash generation in the second quarter of
the 2015/16 financial year. Many small investors have, collectively, lost millions of dollars because of this collapse.
Many people are now asking how such positive messages in August can be followed by such disappointing results for the period October to December of the same year and whether the original messages were accurate. The Chief
Executive of the company has subsequently resigned.Many people, including the founder of the company Dick Smith, have also criticised the former owners of the business, Anchorage Capital Partners. The suggestion is that Anchorage Capital Partners misrepresented the true value and prospects of the firm when it listed the business on the ASX in 2013.
Your assignment is to provide a brief summary of the ownership history of the Dick Smith brand and consider the ethical dilemmas facing two separate sets of people:
• Anchorage Capital Partners in respect of the flotation of the business, and• The directors and senior executives of Dick Smith Holdings in respect of statements made in the 2014/15 report and accounts.
History of ownership (3)
Discussion of ethical considerations facing Anchorage Capital Partners (7) Discussion of ethical considerations facing DSH directors and Senior Executives (7) Conclusions (5) Discretionary (e.g. spelling, grammar, presentation) (3) Total 25
The submission will be assessed against the following criteria:
• Thoroughness of research;
• Consideration of conflicting demands, duties and priorities;
• Coherence of arguments;
• Consistency of arguments through the submission;
• Attention to detail.
• The assignment carries a word limit of 1500 words excluding references
• The assignment will be checked for originality.
• A Turnitin similarity score of 10% or greater will be considered cause
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