Parker Resources (ASX:PKR) has been granted an ASX trading halt in relation to a shareholder meeting today that will consider a transaction that will constitute a change in nature and scale of its activities.
In July 2014, the company entered into a conditional agreement to acquire online insurance provider Ensurance Capital.
Ensurance has developed innovative solutions to provide general insurance products through digital media channels.
Consideration payable for the acquisition, which is subject to approval by Parker shareholders, is the issue of 30 million shares, and payment of $500,000.
On completion of the transaction, Parker will change its name to Ensurance Ltd.
The halt will last until the earlier of the outcome of the meeting being known or the start of trading on Wednesday, 14th January 2015.
If the resolutions to complete the Proposed Transactions are passed, the Company will request a Suspension of its securities which it expects will be applied until the Company re-complies with Chapters 1 and 2 of the ASX listing rules.
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