Ann: Trading Halt, page-8

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“RCR Tomlinson in new trading halt citing 2019 earnings outlook

RCR Tomlinson has gone into its second trading halt in three months after the engineering group warned it planned to make an announcement on its 2019 earnings outlook.

The announcement would have "consequences" for its funding, the company said on Monday. The trading halt is expected to last until Wednesday.

The halt comes after RCR's chief financial officer, Andrew Phipps, resigned suddenly on Wednesdayciting "personal circumstances."

RCR previously went into a trading halt on July 30 that lasted a month. It subsequently reported a $57 million write-down on two Queensland solar farm projects in late August and launched a $100 million capital raising at $1 a share.


RCR's former chief executive, Paul Dalgleish stepped down in early August.

The equity issue was backed by most institutional investors but RCR's share price, which had been trading at $2.12 before the engineering group the $57 million write-down, has fallen below the new issue price, closing on Friday at 87¢.

Concerns have been raised about whether RCR is struggling with some of its other solar farm projects. The Victorian branch of the Electrical Trades Union recently said 130 workers were unexpectedly fired from the Wemen solar farm near Mildura in mid-October with one hour's notice.

RCR, which has been building about a dozen solar farms, said it had "downsized" the Wemen workforce ahead of the project's scheduled completion in January and that there were "issues relating to productivity".

RCR received a first strike against its remuneration report at its annual meeting in Sydney in late October, while a quarter of voting shareholders opposed the re-election of chairman Roderick Brown.


Some 51.3 per cent of votes cast were against the group's 2018 remuneration report, a sharp contrast from a year earlier, when the report received almost unanimous support.”