Bluefreeway requested and received a voluntary suspension from trading today. Their shares had been on hold since last Friday after a request for a temporary trading halt was approved Monday. The halt was due to expire this morning, the shares have now been suspended with no date attached to it.
In a letter to the ASX this morning, Bluefreeway said it needed to undertake further investigations due to restructuring efforts in order to make an announcement on its expected revenue for the financial year ending June 30, 2008. Stating it would take up to two weeks to conclude investigations, the company expects the subsequent announcement to end the suspension.
What all this means is anyone's guess, though after the spate of resignations they've experienced this year and Mitchells stepping away from buy-out talks, how deep the rabbit hole goes is anyone's guess.
Showing posts with label Mitchell Media. Show all posts
Showing posts with label Mitchell Media. Show all posts
Wednesday, May 7, 2008
Monday, May 5, 2008
Bluefreeway Trading Halt
Beleaguered digital group Bluefreeway today requested a trading halt, its shares having sat at 24 cents since the ASX closed last Friday. The ASX then suspended shares and issued an announcement saying they would remain on halt until Wednesday morning or until the company issued an announcement on its expected earnings for the financial year ending June 30th, 2008, whichever came sooner.
Last month Mitchell Media confirmed speculation it had been looking to buy the group of companies but pulled out after "preliminary" conversations. Bluefreeway had previously told the Australian Stock Exchange it had entered due diligence with a single entity This came on the back of CEO Richard Webb finally stepping away from the group of companies he helped found the month prior.
It has been an extraordinarily unfortunate year for the group, one that shows no signs of improving. The company had already warned markets on the costs of funding the redundancies currently being served to select employees, but we'll know in the next 36 hours where the company actually stands.
For those needing a primer on the Bluefreeway so far this year...
Last month Mitchell Media confirmed speculation it had been looking to buy the group of companies but pulled out after "preliminary" conversations. Bluefreeway had previously told the Australian Stock Exchange it had entered due diligence with a single entity This came on the back of CEO Richard Webb finally stepping away from the group of companies he helped found the month prior.
It has been an extraordinarily unfortunate year for the group, one that shows no signs of improving. The company had already warned markets on the costs of funding the redundancies currently being served to select employees, but we'll know in the next 36 hours where the company actually stands.
For those needing a primer on the Bluefreeway so far this year...
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