Shares in big farm services company Elders have stopped trading on the Australian Securities Exchange (ASX) pending the release of details of a capital raising and the sale of its hybrid securities.
Elders proposes to announce both a capital raising, part of which is currently being undertaken as a bookbuild, and an on-market offer by one of its controlled entities which is looking to purchase its hybrid securities.
The trading halt is expected to continue until June 17, by which time the agribusiness proposes to make an announcement about both matters.
Elders told the ASX this morning it was not aware of any reason its trading halt request should not go ahead.
The halt may be lifted before Friday if Elders or the ASX choose.
Elders shares last traded on Tuesday at $3.63 each and its hybrid securities at $89 each.
