News: Red Gum Resources set to pounce

Red Gum Resources (ASX:RGX) is preparing to outline details of an acquisition,

The ASX has granted the company a trading halt, with its shares placed in pre-open.

RGX has previously outlined that it had entered into a binding heads of agreement to acquire high-end leisure and travel company, Holiday Planet.

Holiday Planet is debt free, and has been operating profitably since 2001, with annualised sales exceeding $35 million per annum for the past 3 years.

The halt will remain in place until the opening of trade on Tuesday 17th June 2014, or earlier if an announcement is made to the market.