EQT in trading halt with an acquisition on the cards

Equity Trustees has halted trading on its stock, announcing it is in discussions regarding a proposed material acquisition and equity raising.

The proposed acquisition is believed to be for Insignia Financial’s Australian Executor Trustees corporate trustee business with New Zealand’s Perpetual Guardian and Australian Unity also interested in buying.

Announcing to the Australian Securities Exchange (ASX), the firm said its trading halt was “requested pending an announcement by EQT in connection with a proposed material acquisition and a proposed equity raising to be undertaken by way of a pro rata accelerated non-renounceable entitlement offer and institutional placement”.

Equity Trustees said a trading halt would be in place until the commencement of trading on Tuesday, 23 August or if the sale was announced earlier.