Thoughts??
Nexus enters trading halt ahead of capital raising
Nexus Energy, the Australian-listed energy group, has entered a trading halt ahead of a potential capital raising.
The Company requests the trading halt be put in place immediately until such time as an announcement regarding the capital raising is made. The company expects to be in a position to make a further announcement within two trading days.
A report in the Australian Financial Review said that the raising is expected to be small, possibly around AUD 15m (USD 14m). The report claimed that the raising could be a move by Nexus to protect itself from a potential takeover offer. The report said that the group may be raising money to fund a takeover defence.
Alternatively, the raising has led to fears that work on Nexus? Longtom project is not moving well and that cash is not expected to come in as originally thought.
The report noted that Korean groups are said to be interested in Nexus. Royal Dutch Shell, often considered a potential buyer, is not believed to be ready to make a bid.
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