City Pacific trading halt
Troubled financial services group City Pacific has requested a trading halt on the Australian Securities Exchange.
The timing of the trading halt request followed a rapid decline in the company’s share price amid reports that its First Mortgage Fund might struggle to repay a $240 million debt within three months.
In seeking the trading halt, the company said that it was in order to respond to a price query received from the ASX.
“We expect our response to the price query received from the ASX will be the event that will end the trading halt,” the announcement said.
AUTHOR
Mike Taylor
Recommended for you
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
