Fortescue halts trade in shares on ASX

THE BOURSE WHISPERER: Fortescue Metals Group (ASX:FMG) has requested the Australian Securities Exchange place its share in a trading halt effective from commencement of trading today (14 September 2012).

Asking for the halt Fortescue said it was concerned regarding continued rumours and speculation in respect of its bank related facilities.

The company said discussions with its banks had progressed significantly and that it considered it to be in the best interests of shareholders to halt trading in its shares.

 

“Fortescue re-iterates its announcement from yesterday (13 September 2012) that it is in compliance with its banking covenants and is conducting discussions with its supportive banking group,” FMG said in its request to the ASX.

“It is the company’s intention to be able to make an announcement in respect of the restructure of its bank related facilities on or before commencement of trading on Tuesday 18 September 2012.”

The ASX place a halt on the shares as requested saying, “Unless ASX decides otherwise, the securities will remain in Trading Halt Session State until the earlier of the commencement of normal trading on Tuesday, 18 September 2012, or when the announcement is released to the market.”