Travel management solutions company Corporate Travel Management Ltd (ASX:CTD) is in a trading halt pending a company announcement after The Financial Review reported Morgans was seeking to sell $52.89 million of its shares.
According to the article, the broker was offering new shares at $25.75 each – a 6.7% discount to the last close, with a $40 million institutional placement and $12.87 million secondary sell down.
This morning Corporate Travel also announced it’s to conduct a capital raising for an acquisition, with Fairfax suggesting Hong Kong-based corporate travel specialist in China and wider Asia, Lotus Travel, is the likely acquisition target.
Things are more business-as-usual elsewhere in the travel sector, with Flight Centre Travel Group Ltd (ASX: FLT) shares travelling well after hitting a 52-week high of $65.18 late last month and Qantas Airways Limited (ASX: QAN) hitting highs with Bank of America Merril Lynch placing a buy rating on the airline stalwart.
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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited and Flight Centre Travel Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.