Hughes Drilling Limited (ASX:HDX) seeks a trading halt with effect from the commencement of trade on Friday 16 August 2013 pending an announcement advising of a proposed material share acquisition.
In accordance with Listing Rule 17.1, HDX provides the following information:
1. The trading halt is requested to allow time for HDX to finalise the terms with respect to the Transaction.
2. Whilst the Board is of the view that negotiations with respect to the Transaction have, to date, remained confidential, the Board is of the view that there is a real risk that such confidentiality may not remain and that the market may commence to trade on an uninformed basis if trading continues before the Announcement is made to the market.
3. Due to the incomplete nature of the proposal and negotiations to date, the Board considers that it is not currently capable of releasing the Announcement to the market.
4. HDX requests that the trading halt continues until the earlier of HDX making an Announcement to the market or the commencement of trade on Tuesday, 20 August 2013. HDX expects that the Announcement will be made prior to the commencement of trade on Tuesday, 20 August 2013.
Gw
MYG Price at posting:
3.6¢ Sentiment: None Disclosure: Not Held
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