- CML Group (CGR) has entered trading halt, to allow the company time to place the shortfall from a recent dividend reinvestment plan (DRP)
- The group first flagged offering a DRP to shareholders back in August and more recently lowered the price of shares under the offer
- Along with the dividend offer, CML has also announced a future rebrand of the company’s name to Earlypay
- CML’s current trading halt is set to expire on or before Monday, November 2
- Shares in CGR last traded for 33.5 cents each on October 28
CML Group (CGR) has entered a trading halt to allow the company time to place the shortfall from a recent dividend reinvestment plan (DRP).
At this stage, more details on the shortfall placement will be revealed next week when CML’s trading halt expires on Monday, November 2.
The company first flagged offering a DRP to shareholders back in August and more recently lowered the price of shares under the offer.
Along with the dividend offer, CML has also announced a future rebrand of the company’s name to Earlypay.
The change of name will be voted on at a meeting of shareholders next month.
CML argues the rebrand reflects the company’s overall change in focus, which is now on promoting its Earlypay finance product.
“The company with the acquisition of Skipper brought forward its IT projects by years and we are now uniquely placed with our financial strength to compete against other fintech companies in better servicing the SMEs of Australia,” CML CEO Daniel Riley said.
Before today’s trading halt, shares in CGR last traded for 33.5 cents each on October 28.