The Australian share market may have taken a tumble in early trade, but not all shares will be following it lower on Tuesday.
The following shares have been placed in a trading halt, here’s why:
Investa Office Fund (ASX: IOF)
The shares of this property fund have been placed into a trading halt pending an update in relation to the Blackstone takeover proposal. Last week Blackstone increased its scheme consideration to $5.3485 per IOF unit, subject to certain conditions being satisfied or waived. The Investa Listed Funds Management board has recommended shareholders to vote in favour of the scheme. Its shares are expected to remain in a trading halt until Thursday.
Orocobre Limited (ASX: ORE)
This lithium miner requested a trading halt this morning pending an announcement in relation to media reports from Argentina that have flagged the potential imposition of export taxes. Orocobre expects its shares to remain offline until the earlier of commencement of trade on Thursday or when an announcement concerning the matter is released. According to the Wall Street Journal, Argentina’s struggling government plans to place a temporary tax on exports in an effort to reduce its deficit. The temporary export tax is expected to commence as soon as next week and run until December 2020.
Syrah Resources Ltd (ASX: SYR)
Syrah Resources has requested a trading halt today so that it can conduct a placement of fully paid ordinary shares to certain professional and sophisticated investors. According to the release, the graphite miner aims to raise $94 million through the placement of 42.2 million new shares at a price of $2.23 per share. This is a 9.3% discount to Syrah’s last closing price and lower than its 52-week low. The proceeds will be used to complete the ramp-up of its Balama operation, progress its BAM strategy, and fund the evaluation of a vanadium resource at Balama.
Those shares may be halted so you can't buy them, but these top shares are very much active and in the buy zone in my opinion.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.