The Hit Network and Triple M Network parent company Southern Cross Austereo (SCA) has announced a pause on trading today as it prepares for an announcement regarding how the business will overcome the impact of coronavirus (COVID-19).
The media company, which also broadcasts TV in the regional Queensland, regional Victoria and regional Southern New South Wales licence areas, has seen its shares fall significantly over the past few months.
Southern Cross Austereo has entered a trading halt
In July 2019 Southern Cross Media Group (ASX: SXL) shares sat at $1.37. Shares are now at $0.17.
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The announcement posted to the Australian Securities Exchange (ASX) from the company said the halt was necessary for the business.
“SCA advises that the trading halt is necessary to enable SCA to assess the impacts of the COVID-19 crisis on its business and to make an announcement to inform the market about those impacts and the actions being taken by SCA to address them,” read the statement.
SCA’s share price over 12 months (correct as of 1pm March 23, 2020)
The halt will stay in place until the commencement of normal trading on Wednesday 25 March, or when the announcement is released to the market.
SCA’s reporting for the first half of the 2020 financial year saw revenue drop 8.2% for the group and debit increase 12.0%.