Centrex Limited (ASX:CXM) Announces Voluntary Suspension
Centrex Limited (ASX:CXM) has requested a voluntary suspension of its securities from quotation effective immediately. This decision comes under Listing Rule 17.2 and follows a trading halt that occurred on 17 December 2024.
Reason for Suspension
The suspension is aimed at finalising negotiations with its logistics provider and lender, which are essential to the company’s financial strategy. Centrex is in the process of completing deeds of forbearance and other agreements to restructure its trade debt and improve its logistics agreement.
Capital Raising Initiative
Centrex has acknowledged the need for a capital raise to support its ongoing financial viability. The company has appointed joint lead managers to assist with this effort. It believes that continued trading could adversely impact the proposed capital raise, leading to the decision for suspension.
Expected Duration of Suspension
The voluntary suspension is expected to remain in place until either the completion of the capital raising or the resumption of normal trading on 14 February 2024, whichever occurs first. Centrex does not anticipate any reasons for the suspension request not to be granted and is committed to keeping the market informed as negotiations progress.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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