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.
