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After earlier having appeared to have struggled to raise the funds to complete its long-awaited acquisition of Top Level Real Estate, The Agency is sending signals to the market that the transaction might finally get across the line.
The Agency Group Australia has requested a trading halt with immediate effect, pending an announcement regarding the finalisation of funding agreements relating to capital raising.
In August, The Agency Group was granted a two-month extension as it had not until then raised the funds needed to complete its desired Top Level Real Estate acquisition transaction.
That announcement came on the same day as the group was meant to have completed its minimum $10 million capital raising. It was then given until 11 October to come up with the money.
Top Level Real Estate is run by Matt Lahood.
Mr Lahood’s Top Level Real Estate trades as The Agency under a licence agreement and entered into an option agreement with The Agency Group in February 2017.
Since the initial option agreement, the acquisition has been delayed multiple times.
Today, in accordance with ASX listing rule 17.1, The Agency Group has requested that the halt remains in place until the commencement of trading on Wednesday, 19 September, unless The Agency makes an announcement in relation to the capital raising between now and then.
In an ASX market announcement today, company secretary Stuart Usher said that The Agency Group is not aware of any reason why the trading halt should not be granted.
More to follow.
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