What’s going on with the Johns Lyng (ASX:JLG) share price today?

This ASX share isn’t trading today. Here’s why

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a man in a hard hat, high visibility vest and gloves holds a stop sign and holds up a hand in a halt gesture on a road.

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The All Ordinaries Index (ASX: XAO) is finally having another day in the green so far this Tuesday. At the time of writing, the All Ords is up 1.13% to 7,614 points. But one ASX share isn’t at the table for these gains. That would be the Johns Lyng Group Ltd (ASX: JLG) share price.

Johns Lyng shares aren’t at the table because the company is currently in a trading halt.

Yes, before the market opened this morning, this ASX company released an announcement outlining the halt. Well, halts. The company stated it requested “consecutive trading halts”, with the expectation that Johns Lyng shares will only return to the markets on 13 December (next Monday).

So why has the company requested these halts? Johns Lyng Group said it is “in connection with a material transaction and a capital raising involving an institutional placement and a pro-rata accelerated non-renounceable entitlement offer”.

It stated the trading halt was necessary “to avoid trading taking place on an uninformed basis and to allow the capital raising to be executed in an orderly manner”.

And that’s essentially all we know for now.

Johns Lyng Group share price snapshot

Johns Lyng Group is in the business of providing building services, both domestically and internationally. It specialises in restoring property and goods after natural disasters such as floods and fires.

The company has had a rip-roaring 2021 so far. The Johns Lyng share price is up more than 121% year to date, and up 132% over the past 12 months.

At the last share price of $7.14 that Johns Lyng traded at, the company had a market capitalisation of $1.6 billion, worth a dividend yield of 0.7%.

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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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