By Ian Neubauer
“At this stage, NLG has made the lease payments required under the relevant lease agreements,” the Hedley group said in a statement.
“In the unlikely event that NLG defaults under one of its leases, HLG has appropriate rights to ensure that the property is re-leased and that HLG does not suffer financial losses.”
NLG’s shares were placed in a trading halt at the company’s request last Friday after falling to a record low of 8.5 cents. The fall was the result of 32 per cent profit downgrade for the 2007-08 fiscal year, and a botched $26.5 million rights issue that forced NLG to stop refurbishment work on 31 licensed premises in NSW.
NLG shares remain frozen at 8.5 cents. HLG shares are trading for $1.57, less than half their issue price of $3.43 a share.