Bluefreeway Trading Halt May 6, 2008Posted by David Gillespie in industry news, web 2.0.
Tags: ASX, Bluefreeway, Mitchell Media, trading halt
Beleaguered digital group Bluefreeway today requested a trading halt, its shares having sat at 24 cents since the ASX closed last Friday. The ASX then suspended shares and issued an announcement saying they would remain on halt until Wednesday morning or until the company issued an announcement on its expected earnings for the financial year ending June 30th, 2008, whichever came sooner.
Last month Mitchell Media confirmed speculation it had been looking to buy the group of companies but pulled out after “preliminary” conversations. Bluefreeway had previously told the Australian Stock Exchange it had entered due diligence with a single entity This came on the back of CEO Richard Webb finally stepping away from the group of companies he helped found the month prior.
It has been an extraordinarily unfortunate year for the group, one that shows no signs of improving. The company had already warned markets on the costs of funding the redundancies currently being served to select employees, but we’ll know in the next 36 hours where the company actually stands.