- HGL (HNG) has entered into a trading halt ahead of an upcoming capital raise
- Currently, there are no details on how much the company is aiming to raise or where the funds will be spent
- Company shares will be paused until Monday, March 22, or when it releases more information about the raise
- Recently, HGL reported $38.1 million in revenue for the 12 months ending September 30, a 2.9 per cent decrease on the prior corresponding period
- On the market, HGL last traded for 25 cents per share on March 17
HGL (HNG) has entered into a trading halt ahead of an upcoming capital raise.
So far, there are no details on how much the company is aiming to raise or where the funds will be spent.
Under the halt, company shares will be paused until Monday, March 22, or when it releases more information about the raise.
HGL invests in small- to medium-size businesses with a sustainable competitive advantage and strong growth prospects.
Recently, HGL reported $38.1 million in revenue for the 12 months ending September 30, a 2.9 per cent decrease on the prior corresponding period.
It had a statutory net loss after tax of $12,699, down from last year’s positive $1459.
2020 has been a transformational year for HGL, as it undertook two significant capital raises — its first in twenty five years.
“COVID-19 impacted business units significantly, and the board would like to acknowledge the considerable efforts of our management and staff who adjusted quickly and effectively, including voluntary reduction of hours and pay, as well as
adapting to working from home,” the company said in January.
During the year, the company broke into the Victorian mattress rental market, and business development efforts have continued to be undertaken during the period on new mattress contracts.
On the market, HGL last traded for 25 cents per share on March 17.