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After intense market speculation that the long-anticipated The Agency/Top Level deal would land today, The Agency Group Australia has shocked the market this morning by releasing an ASX announcement requesting a voluntary suspension of its securities instead.
This comes after a long trial of apparently unsuccessful attempts to settle the acquisition of Top Level Real Estate Pty Ltd, dating back to at least August last year.
The Agency sprang to prominence recently when a clutch of high-performance sales agents exited McGrath Estate Agents in the wake of McGrath’s listing and found their way to (at the time) little-known real estate firm The Agency.
In the ASX announcement today, The Agency has made application for a voluntary suspension of its securities with immediate effect. This follows a similar announcement on 11 January where it requested a trading halt.
Both are pending an announcement by The Agency Group Australia regarding the settlement of the acquisition of Top Level Real Estate. This time the request is that the suspension remain in place until 17 January.
REB approached The Agency for comment and an update on the deal, but it declined to comment.
More to follow.
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