Fortis raising halted January 13, 2012
THE Australian Securities and Investments Commission has again stymied an attempt by troubled Fortis Mining to raise $35 million to fund potash projects in Kazakhstan.
Fortis announced earlier this week that it had filed a revised prospectus on Tuesday after ASIC stopped an earlier offer document.
It is believed ASIC asked Fortis for more information about directors including Madam Cheung Kwan, who seized control of the company in a boardroom coup last month. But ASIC yesterday issued a second interim stop order, preventing Fortis selling shares to fund the potash play.
Trade in Fortis shares has been suspended since November 11.
Read more: http://www.smh.com.au/business/fortis-raising-halted-20120112-1pxh5.html#ixzz1jKORvDH9
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