By Andrew Starke
The listed ALE Property Group (ALE) has requested ‘back-to-back’ trading halts from the Australian Stock Exchange (ASX) pending the result of a proposed capital raising expected to be announced early next week.
The pub owner also confirmed to the ASX that it had settled the contract for the sale of the Kirribilli Hotel in late July for $7.83 million.
ALE managing director Andrew Wilkinson said the trading halt was necessary as the group begins equity raising discussions today (Aug 5).
“The trading halts are necessary to allow the institutional component of the equity raising to be completed, and the bookbuild of the renounced institutional entitlements to be conducted,” he said, adding that trading would resume on Monday August 10 or pending announcement.
ALE recently reported a slight fall in the value of its pubs following a property portfolio revaluation.
The value of ALE’s 100 freehold properties was placed at to $804.77 million, down $300,000 from an $805.07 million valuation made in December last year.
ALE is 75 per cent owned Woolworths and 25 per cent by pokies billionaire Bruce Mathieson.
ALE’s share price was $2.62 at 11am today (Aug 5), up from $2.50 seven days ago. The group’s annual results are expected to be out later today.