If you're an investor in the ASX 200 mining services company Worley Ltd (ASX: WOR), no one would blame you for being a little confused over what's currently happening with your company's shares on the ASX.
Worley stock last traded back on 8 January, closing that trading day at $16.92 a share. But that's where the company remains frozen. As we covered yesterday, investors were treated to an unexpected surprise that morning.
Just before market open, Worley announced that its shares were to be placed in a trading halt.
The announcement was scant in detail, but here's most of what it said:
Worley Limited… requests that an immediate trading halt be granted with respect to Worley's shares pending a clarificatory announcement to the market. This announcement will respond to today's media.
Worley refers to its previous announcement dated 27 December 2023 on the Ecuador arbitration. We request that the temporary trading halt on Worley shares remain in place pending a further announcement later today responding to today's media.
Well, we still haven't got said announcement out of Worley.
What's happened with this ASX 200 stock today?
Today, the company released another ASX announcement. However, this didn't give investors too much more:
Worley Limited… advises that the trading halt granted yesterday with respect to Worley's shares will continue today, pending a clarificatory announcement to the market.
The Ecuador arbitration announcement that the first ASX notice alluded to refers to an ASX release from last month. This told investors that an arbitration Worley had initiated against the Ecuadorian state-owned oil company Petroecuador had been dismissed by an international arbitration tribunal.
The company told investors it was "reviewing the decision with its legal advisors and considering the options for further legal proceedings".
But that's all we know for now. Let's see what the company comes up with.
Worley share price snapshot
Worley shares have had a decent time of it over the past year or so. Over the past 12 months, Worley shares have risen a robust 13.25% and were up 16.4% over the 2023 calendar year.
At the last Worley share price of $16.92, the company had a market capitalisation of $8.91 billion, with a dividend yield of 2.07%.
