- Diesel specialist Babylon Pump & Power (BPP) has entered a trading halt as it gets ready to release news on an acquisition and capital raising
- The company’s shares will remain in a halt until Thursday, February 25, unless it can announce the news early
- Babylon recently ended the December quarter with just over $300,000 worth of cash in the bank and $2.84 million in available finance
- It burnt through $1.27 million on operating activities over the quarter, leaving it with enough cash and financing to keep going for another 2.47 quarters
- During the quarter, Babylon also expanded its rental fleet through the acquisition of pumping assets from Tilbrook Ryder Investments
- Shares in Babylon last traded for 3 cents each on February 22
Diesel specialist Babylon Pump & Power (BPP) has entered a trading halt as it gets ready to release news on an acquisition and capital raising.
The company, which provides rental services and power solutions for the oil and gas, industrial and mining sectors entered the halt before market open on Tuesday.
It’ll come out of the trading halt once the news is released, or when trading in the company’s securities officially restarts on Thursday, February 25.
A quick look at Babylon’s recent quarterly report shows the business ended December with $309,000 worth of cash in the bank.
BPP also had $2.84 million in unused financing facilities available at the end of the quarter and spend around $1.27 million on operating activities.
At that rate of spend, the company had enough cash and finance to keep it running for another 2.47 quarters of growth.
During the quarter, Babylon also expanded its rental fleet through the acquisition of pumping assets from Tilbrook Ryder Investments.
Before today’s trading halt came into effect, shares in Babylon Pump & Power were trading for 3 cents each on February 22.