Ooh Media requests voluntary suspension as it continues to review capital options
Media company Ooh Media has requested a voluntary suspension following its trading halt last week, revealing it is still considering capital raising and isn’t yet ready for an announcement.
As such, securities have been suspended, with an announcement expected within five days.
Ooh Media has entered voluntary suspension
In a statement posted to the Australian Securities Exchange (ASX) this morning, the company stated it was not yet in a position to make the announcement which was expected for today. Last week’s trading halt was supposed to cease today, with either a market announcement, or the resumption of normal trading.
“Ooh requests a voluntary suspension as Ooh is currently considering a capital raising and is not yet in a position to make an announcement regarding this matter. Ooh considers it appropriate that it enters into a voluntary suspension so that it can manage its continuous disclosure obligations and avoid the market trading in Ooh shares on a basis that is not reasonably informed,” read the statement.
It’s expected an announcement will come within five days regarding $100m to $200m in capital raised from equity markets. The business has denied it is looking for a buyer.
A spokesperson told Mumbrella the company did not have liquidity issues when the trading halt was announced.
“The trading halt reflects discussions we are having with our major shareholders. Given the recent share price decline, we think this is prudent, the company does not have liquidity issues. Ooh enjoys long-term supportive relationships with our banking syndicate and the facilities do not expire until 2021,” said the spokesperson.
Ooh Media has also requested its staff take leave over the Easter break.
