Shares sank 12.68% to $4.34 in today’s session prior to being put on hold, in preparation for a company announcement.
Link didn’t mention any reasons behind the halt – it was only the ASX whom approved the trading pause.
What’s happening with the Link share price?
It’s not crystal clear what is behind the trading pause today. The company hasn’t said, nor did the ASX reveal any information.
“Trading in the securities of the entity will be temporarily paused pending a further announcement,” is all the ASX mentioned.
However, the company did provide an update on its proposed acquisition by Dye & Durham Corporation. The takeover was first announced back in December 2021.
“Link Group is pleased to announce that the Supreme Court of New South Wales has today made… orders in relation to the [transaction],” the company said.
The Independent Expert has concluded that the Scheme is fair and reasonable and therefore in the best interests of Link Group Shareholders, in the absence of a superior proposal.
The Independent Expert has assessed the full underlying value of Link Group at between $4.81 and $5.97 per Link Share.
The Base Cash Consideration of $5.50 per Link Share, and the Base Cash Consideration plus the Interim Dividend of $5.53 per Link Share, are within this range.
Specifically, the scheme meeting will be held at 10am (Sydney time) on 13 July 2022, Link mentioned.
Until trading resumes for Link’s shares, we will have to wait and see what the company announces.
In the last 12 months, the Link share price has sunk almost 12% into the red, and is down 22% this year to date.