smh.com.au
11.53amNearmap halts due to ‘potential legal proceedings’
By Colin Kruger
It’s all happening at aerial mapping provider Nearmap.
First it couldn’t wait for its briefing at the Macquarie Australia Conference today to announce an upgrade to its outlook Tuesday evening.
And now it has gone into a trading halt “in relation to potential legal proceedings”, but not before the stock rose more than 14 per cent to $2.36 when the halt was ordered.
The company, which offers 2D and 3D aerial image services to customers such as government planning agencies, architects and solar providers, said the halt will give it time to respond to the potential legal proceedings.
No further details were provided, with the halt to remain in place until Friday.
Nearmap last night upgraded its full-year guidance for its annual contract value, thanks to continued momentum from a strong first-half result, led by core industry verticals in insurance, government and roofing both in new and existing customers.
