Asx Update

<html><body><p>REA Group has announced its proposal to acquire the Mortgage Choice business.

REA announced a scheme implementation agreement to buy the ASX-listed Mortgage Choice for $244 million, or $1.95 a share, representing a 66 per cent premium to Mortgage Choice’s last close.

Their acquisition will accelerate REA’s financial services strategy to create a leading mortgage broking business in addition to its real estate listings website.

“The proposed acquisition of Mortgage Choice is an exciting development that will bring together our well established Smartline business and franchisee network with the complementary Mortgage Choice organisation and its significant broker footprint," REA Group CEO, Owen Wilson said.

The transaction is still subject to conditions being met, including Mortgage Choice shareholder and regulatory approvals.

It is expected to take approximately three months to complete.

Mortgage Choice has a $54 billion loanbook.

The network has more than 500 brokers across 380 franchises.

Its biggest shareholder is the Commonwealth Bank of Australia with an 18.5% stake.

Domain has its Loan Finder, a joint venture between Domain Holdings Australia Limited and Auscred Limited, the parent entity of mortgage platform Lendi.</p></body></html>

REA Group has announced its proposal to acquire the Mortgage Choice business

jchancellor

REA Group seeks to acquire the Mortgage Choice business

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<p>McGrath Estate Agents have told shareholders this morning they believe the second half results will be materially weaker than the first half given fewer agents and the continued low listing landscape. </p>
<p>McGrath has not ever given guidance for FY17 earnings, but noted Bell Potter equities research which gives full year estimates of $20.9m EBITDA.</p>
<p>McGrath’s first half trading results are being finalized, and early indications suggest they are in line with those analyst estimates.  </p>
<p>"However, we believe the second half results will be materially weaker than the first half, which would make those full year analyst estimates look high," it told the ASX.</p>
<p>The unprecedented low volumes of listings as a percent of total housing stock noted in the Chairman’s Address in November is not yet showing signs of improvement," it noted.</p>
<p>In addition, while McGrath grew market share in two thirds of its total offices in FY16, we have experienced an uncharacteristically large agent churn recently, especially over the Christmas and New Year period.</p>
<p>"The departures from our Company Owned offices segment suggests market share growth will be more difficult to achieve in that segment in the second half."</p>
<p>McGrath confirms the recent net departure of 36 sales agents from its Company owned offices segment.</p>
<p>"While the company is actively recruiting, the usual time for an agent to become fully productive means these new agents will not match the volumes required to maintain our previously expected second half earnings."</p>
<p>The Company Owned segment currently has 225 sales agents, down from 264 at its agm late last year.</p>
<p>McGrath’s Chief Executive Officer, Cameron Judson said the agency continued to have a concerted, ongoing focus on talent identification, to attract, develop and retain high performing and emerging sales agents.</p>
<p>"We have recently launched ‘McGrath Future’, a compelling remuneration and longer term wealth creation framework specifically for high performing agents. We have an unparalleled track record of growing and nurturing the best real estate agents in Australia, and aim to maintain that.</p>
<p>“However, the recent net outflow is more than we usually see, and we believe it prudent to alert the market to the likely impact.</p>
<p>“We are one of Australia’s largest residential real estate services companies and we continue to leverage the underlying strength of the McGrath brand, quality of its sales agents and network reach. Our other business units continue to see solid growth” Mr Judson said.</p>
<p>In 2016, McGrath opened 18 new offices, 3 Company owned and 15 Franchises, and plans to open additional offices, including its Victorian expansion plans, over the next 12 months. </p>
<p>McGrath's share price is down by around 60 per cent since floating in December 2015 at $2.10. The share price closed on Friday at 85.5 cents. This morning it was at an annual low of 73.5 cents, having bounced off 71 cents.</p>
<p>It was reported last week veteran agents who recently quit the McGrath Estate Agency are set to launch as <a href="https://www.urban.com.au/news/64101-defecting-mcgrath-agents-to-launch-the-agency" target="_blank">The Agency.</a></p>
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jchancellor-FAypfDUnLy

McGrath's 36 departed agents to trigger 2017 revenue decline

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<p>Real estate agent McGrath, whose shares plummeted to a record low last week, has dismissed reports that it was facing an exodus by its franchisees.</p>
<p>McGrath shares fell on Thursday <a href="https://www.urban.com.au/news/69391-mcgrath-estate-agency-shares-trading-at-record-low" target="_blank">to 58 cents</a>, after rumours spread about five franchisees leaving the company, prompted a compliance query from the Australian Stock Exchange.</p>
<p>It was unchanged at 58 cents in morning trading today on the ASX.</p>
<p>In its response to the ASX query, McGrath said the company was not “aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities”.</p>
<p>Earlier, a newspaper report claimed that five franchisees that "account for about 50 per cent of the group's earnings" could quit McGrath.</p>
<p>The McGrath letter said “we have no information regarding any franchisees intending to leave the company other than one franchisee — Ascot in Queensland — whose franchise agreement expires on May 30”.</p>
<p>“We note that this franchisee and McGrath mutually agreed not to renew the franchise agreement back in late 2016 and can so no reason why this would trigger any publicity at the current time,” it continued.</p>
<p>Shares in McGrath, which was hit by high-profile agent exits earlier this year, listed in late 2015 at $2.10 and has gone into a decline ever since. </p>
<p>They opened 2017 at 90 cents, then fell in January this year after it signalled weak revenues.</p>
<p>The company has previously blamed the summer defection of a number of high-profile agents in part for for its woes.</p>
<p>McGrath also said the "unprecedented low volumes of listings" had emerged as high prices had discouraged some sellers from putting properties on the market, fearing that prices could rise too far before they could acquire their next property.</p>
<p>The letter to ASX said the company was “not aware of any other reason for the recent trading in its securities”.</p>
<p>McGrath has 72 franchise offices, and the media report that five of those would leave the company, would unlikely have a huge material impact on the real estate company as about two-thirds of its earnings come from company-owned offices, they advised shareholders.</p>
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jonathanchancellor-7SQnKwU6yx

McGrath says not aware of franchisee exodus, only Ascot in Brisbane

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<p>Westfield Corporation is set to be taken over by the European shopping centre giant, Unibail-Rodamco.</p>
<p>A global property giant with 104 malls in 27 markets around the world will emerge after a takeover deal worth $32.7 billion.</p>
<p>Estates Gazette noted Rothschild’s property team, led by Alex Midgen, advised Westfield as well as Intu and Deutsche Bank’s property team, led in Europe by Rishi Bhuchar &amp; Klaus Elmendorff advised Unibail as well Hammerson.</p>
<p>Unibail shares traded lower in overnight European trade.</p>
</div>
<p>Frank Lowy, Westfield’s chairman, and his sons Steven and Peter, who are the current co-chief executives, will vote in favour of the deal, which values each Westfield security at an 18 per cent premium to the value of Westfield securities at the end of Monday’s trading session.</p>
<p>Peter Lowy calculated that since 1960 $1000 invested in Westfield would be worth $440 million.</p>
<p>The Lowy family said it intends to maintain an investment in the combined international group which is headquartered in Paris. As part of its takeover, shareholders will receive a combination of cash and shares in Unibal-Rodamco.</p>
<p>Frank Lowy said it was a day of mixed emotion but that he was certain it’s the right decision.... he foresaw a bright future.</p>
<p>Westfield chairman Sir Frank Lowy said the deal was “the culmination of the strategic journey Westfield has been on since its 2014 restructure”.</p>
<p>“We see this transaction as highly compelling for Westfield’s security holders and Unibail-Rodamco’s shareholders alike,” Sir Frank said.</p>
<p>He also suggested the family wanted to<span> change their role to investors ... "we’ve [Frank &amp; sons] been doing it for a combined 145yrs.”</span></p>
<p>Shares in Westfield Corporation, the owner of shopping centres in the US and UK, were placed in a trading halt earlier today pending the announcement of a potentially “significant” corporate transaction.</p>
<p>Westfield shares had last traded on Monday at $8.55. </p>
<p>Frank Lowy will retire as chairman of Westfield, but will chair an advisory board for the new merged company, while his sons Peter and Steven will retain leadership roles.</p>
<div>
<div id="unruly-publisher-marker__inArticle">Founded in Sydney in 1953 by Frank Lowy and John Saunders, Westfield currently has interests in 35 shopping centres in the US and the UK, while its Australian centres are managed by the separately listed Scentre Group which remains independent.</div>
<div> </div>
<div>Scentre rose 17¢, or 4.1 per cent, to $4.35 while other local property trusts including its rival Vicinity Centres picked up. Vicinity rose 2.5 per cent, or 7¢, to close at $2.87 on Tuesday.</div>
<div> </div>
<div>It started in humble Blacktown.</div>
<div> </div>
<div>Last month at a film crew's behest, Frank Lowy went back to Blacktown where the delicatessen was opened in 1955, followed by the first Westfield mall in 1959.
<p>His biographer Jill Margo, writing in the AFR, noted when he was walking down the street two older women called out "Hey Frankie!".</p>
<p>"They recognised me!" he said. "They'd been customers in the deli 60 years ago and had such fond memories. We reflected on those memories and the fact that they still live with the pleasure of being acquainted with me was a great thrill. What more could I want."</p>
<p>Margo added that Frank was always adamant that there would be no Lowy dynasty.</p>
<p>He and his wife, Shirley, have 11 grandchildren and, so far, four great grandchildren.</p>
<div>"While thrilled to work with his sons, David, Peter and Steven, he never believed in trying to coax any grandchildren into the business," Margo advised, adding the older ones now work in the investment arena, the theatre, the internet, medical clinics, not for profits, and small enterprises – all unrelated to malls.</div>
<div>
<p>And his sons collectively, had worked alongside their father for more than 90 years "and it's time," Margo concluded.</p>
</div>
It has been suggested the red Westfield brand will prevail, at least in English speaking world. </div>
<div> </div>
<div>Unibail-Rodamco's chief executive,Christophe Cuvillier a French retail veteran, spent three years in Sydney in the 1990s as head of L'Oreal's Australian luxury products division.</div>
<div> </div>
<div>The news comes just a week after property company, Hammerson, announced it had made a bid to take over rival firm, Intu.</div>
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Oui ....Westfield yields to Parisian takeover

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<p>Australian shopping center company Westfield Corp on Tuesday has entered a trading halt for its shares on the Australian Securities Exchange this morning ahead of an announcement on a potential transaction. </p>
<p>The company said it was in discussions with unnamed parties for a “potentially significant corporate transaction”, without divulging further information. </p>
<p>Westfield said it expects to make a related announcement on Thursday.</p>
<p>The early speculation is that the $17 billion company, whose major shareholders include the Lowy family, may be selling some of its non flagship centres.</p>
<p>Or undertaking a tilt at US mall owner GGP or looking to demerge its North American assets, or thinking of a merger of its real estate interests in France.</p>
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<p>By early afternoon there was speculation Westfield was set to be taken over by a European shopping centre giant in a takeover deal said to be worth $32.7 billion.</p>
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<p>Unibail-Rodamco will take over the ASX-listed company to create a global property giant with 104 malls in 27 retail markets around the world.</p>
<p><span>Unibail-Rodamco is the largest listed commercial real estate company in Europe and the second-largest globally by value.</span></p>
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j.ballantyne1990-6AQqhLzZaK

Westfield enters trading halt with significant announcement due this Thursday

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<p>The chief executive of online real estate advertising company Domain has suddenly quit just two months after it listed separately on the share market. </p>
<p>Domain was spun off from Fairfax Media and commenced trading on the ASX last November.</p>
<p>He has worked for Fairfax and Domain on and off for 26 years.</p>
<p>The company's chairman Nick Falloon is stepping in as executive chairman, as a search for a new CEO immediately commences.</p>
<p>Falloon said Catalano had informed the board over the Christmas break that the demands of his role and his absence from the lives of his family were more challenging than he had expected.</p>
<p>"It's not fair on the family," he said adding that he was grateful for the opportunities at Domain.</p>
<p>In a statement, the Melbourne-based father of eight who owns property in St Kilda West, Caulfield North and Byron Bay, advised family reasons for the exit. </p>
<p>"When I re-joined Fairfax in November 2013, I made a commitment to my young family that I could be there for them and do the job," he said in a statement.</p>
<p>"It has become clear to me that doing the job of a listed company CEO the way it needs to be done means that I am not meeting that family commitment."</p>
<p>"It was also become apparent that I needed to relocate to Sydney and that was something I wouldn’t ask my family to do because schooling and family requirements would see young family members living in different cities.</p>
<p>"As it stands, I have been away from home for the bulk of each week and it’s not fair on the family.”</p>
<p>He noted the timing of the resignation, but said he was confident Domain’s team could keep the company on its current trajectory.</p>
<p>“I understand and regret that the timing of this decision is unusually short from Domain’s listing. But having been in the role for four years, I resign knowing that Domain has a great management team in place and I have every confidence in them and the business continuing on its current stunning trajectory.</p>
<p>In a statement to shocked staff, Fairfax chief executive Greg Hywood advised that it was "business as usual for Domain".</p>
<p>At 10:30am, Domain shares were 11 per cent lower at $2.93. The stock is now down 22 percent from its $3.80 listing price in November 2017.</p>
<p><span>Domain will report its first-half financial results on 19 February. </span></p>
<p><span>In the announcement to the ASX today, the company said based on preliminary unaudited pro-forma results, it was expected to report digital revenue growth of 22% against the same period last year and revenue growth of 13%.</span> </p>
<p><span>As a top 20 Fairfax shareholder, Catalano owns 0.32 per cent of the company’s stock, according to Bloomberg. </span></p>
<p><span>Fairfax Media kept a 60 per cent stake.</span></p>
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Melbournite Antony Catalano's shock departure from Domain as family demands 

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<p>Deteriorating trading results in the McGrath estate agency finances have emerged in an internal document obtained by The Australian Financial Review.</p>
<p>The Fairfax newspaper advised it had obtained a document, McGrath Group Report November 2017, that showed McGrath Limited had sunk to a $1.3 million loss as it suffered from falling commission income from residential sales, against the targeted $3.3 million net profit after tax between July and November 30.</p>
<div>
<p>A leak also advised there had been infighting within the publicly listed company board, and even "threats by the board to resign en masse over the Christmas holiday."</p>
</div>
<div>There was a McGrath board meeting on Friday but no announcements made to the stockmarket. It comes just hours before <a href="https://www.urban.com.au/news/79665-john-mcgrath-returns-to-helm-at-mcgrath" target="_blank">John McGrath was taking back the reigns</a> of the McGrath Group.</div>
<div> </div>
<div>"It is understood the majority of the board clashed with Mr McGrath over the wording of the next trading upgrade to the ASX," The Australian Financial Review reported.</div>
<div>
<p>The loss for the first five months of the financial year compared to a $2.7 million net profit in the six months to December 2016.</p>
<p>Since listing in December 2015 McGrath has delivered several profit warnings prompting McGrath shares to be trading at around 57¢, well below its IPO price of $2.10. It has previously traded as low as 52 cents and fell back to 52 cents this morning.</p>
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<p>The emerging financial position could ignite more privatisation expectation of the agency which has a $76 million market capitalisation ahead of trade this morning.</p>
<p>John McGrath, who holds 26 per cent of the company, is now in a better position to lodge any bid, <a href="https://www.urban.com.au/news/79565-john-mcgrath-exits-rea-group-board-after-18-year-stint" target="_blank">following his resignation last week from the board of the REA Group after 18 years</a>. He holds $10.8 million REA Group shares which could be more readily sold given he was no longer a director the realestate website publishing group.</p>
<p>The internal documents show McGrath missed its internal forecast for earnings before interest, tax, depreciation and amortisation (EBITDA) by more than 80 per cent in the five months to November to generate $1.3 million instead of $7.8 million it had earlier expected. </p>
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<div>
<p>The documents reportedly show the McGrath balance sheet has been hit by a large depreciation of its rent roll asset (or property management operations).</p>
<p>Operational expenses met budget expectations.</p>
<p>But there was a blowout in doubtful debts and legal fees due to an increase in legal action.</p>
<p>McGrath's earnings are substantially below forecasts by equities analyst Bell Potter, which estimated the group earnings of $16.6 million in 2018.</p>
</div>
<div>The board indicated in an update to the market last November that the agency might miss analyst targets.</div>
<div>
<p>"FY18 earnings could be 20 per cent to 25 per cent lower than the current analyst estimate, due to high restructuring charges and a partial year of cost savings," the company said.</p>
<p>When approached by the Financial Review, McGrath declined to comment over the weekend.</p>
</div>
<div>
<p>"McGrath declined to comment other than to say the company is well aware of its continuous disclosure obligations which we take very seriously," a spokeswoman said.</p>
<p>The board, chaired by Cass O'Connor, has just five members including John McGrath. The other there directors are Elizabeth Crouch, Nigel Dews and Cath Rogers. Cameron Judson is the chief executive officer, Glynn Wright, the chief financial officer and Morgan Sloper, its head of corporate services/company secretary.</p>
<p>Several former Mcgrath executives have run a clandestine campaign of denigration against the group over the past year.</p>
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Extraordinary McGrath Group leak suggests board in turmoil

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<p>The option held by Paul Nairdone's publicly listed Perth based estate agency to acquire the east coast Top Level estate agency has been extended yet again.</p>
<p>The managing director of The Agency says it remains "totally committed" to acquiring Top Level, though its plans to secure the burgeoning Bondi Beach based outfit appear hopeful with shares dropping to a record low in today's trade.</p>
<p>The elusive option was taken in January last year, as it envisaged having an combined estate agent of 600 sales representatives nationally.</p>
<p>But it told shareholders this week the agreement to buy the east coast business had been extended by another four months.</p>
<p>Top Level Real Estate, which trades as The Agency under a licence agreement, is run by high commission, ex-McGrath rebels led by Matt Lahood.</p>
<p>The sharemarket was told Agency Group Australia had "entered into an extension to the amended and restated binding option agreement."</p>
<p>It noted a "deed of variation has been entered into by Ausnet Real Estate Services and Top Level’s majority shareholders under which all parties have agreed the option agreement be extended for the period of four months from 11th June 2018 until on or before 5pm AEST on 11th October 2018."</p>
<p>Under the terms of the deed, the completion of a raising of no less than $10 million (a condition precedent under the option agreement) has been extended until 5pm AEST on 11th August 2018 or at a later date agreed to by all parties.</p>
<p>Its recent hopeful plans for a $10 million equity raising at 2¢ a share failed to get anywhere after The Agency parted ways with its Perth underwriter, CPS Capital Group, in April.</p>
<p>No replacement underwriter has since been announced.</p>
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<div class="cq-article-content-media section">"We're totally committed to getting this deal done," The Agency managing director Paul Niardone told The Australian Financial Review.</div>
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<div class="related-quotes section">"There's quite a bit we need to do. It's not just about the raising but about merging two organisations and how that will take place. We don't want to be pushed to a timeframe."</div>
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<p>Shares in The Agency have fallen to 1¢ in morning trade.</p>
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<p data-gtm-vis-first-on-screen-7770372_137="10752" data-gtm-vis-total-visible-time-7770372_137="900">Its WA-based business generated total revenue of $13.5 million in the year to May with the east coast Top Level network bringing in $16.1 million. Its latest sharemarket advisory claims The Agency Group is "achieving its stated goal of being the fastest growing real estate brand nationally."</p>
<p>Their recent WA acquisition Sell Lease Property (SLP), acquired in March 2018, saw 115 properties settled and 324 listings for the two months to May 2018.</p>
<p>In May 2018, The Agency and Sell Lease Property combined ranked fifth in Western Australia for $ value and fourth in number of sale.</p>
<p>It has advised the company is closing in on claiming number one ranking in WA for number and value of sales when compared with the top groups in the state.</p>
<p>The Agency Group Australia, formerly Ausnet Financial ServicesLimited, has also announced it has acquired Inglewood Estate Agency, further expanding its reach in the Western Australian market.</p>
<p>The transaction adds 80 property managements to The Agency.</p>
<p>Inglewood Estate Agency principal Mark Jewell will join The Agency Group team, with over 30 years’ experience selling properties.</p>
<p>Established in 1960, Inglewood Real Estate is a longstanding family business. The purchase price of $436,180 will be paid in three payments over two year, the first instalment representing 80% of the total purchase consideration which was paid at settlement.</p>
<p data-gtm-vis-first-on-screen-7770372_137="10752" data-gtm-vis-total-visible-time-7770372_137="900"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/6/13/agency%201.jpg" alt=""></p>
<p>(Agency East Coast from April 1, 2017)</p>
<p>But it has recently borrowed $1.1 million in short-term funding (at annualised interest rate of 18 per cent) as working capital.</p>
<p>Niardone said the commercial loan, to be repaid in three months, would tide it over until the Top Level deal was sealed. </p>
<p>The $1.1 million is being lent by a private lender, with Niardone declining to reveal the lender’s identity to The Australian.</p>
<p>The Agency real estate sales posted gross commission income of $7.55 million while SLP posted $1.5 million (March – May), totaling $9 million of commission income for YTD May 2018.</p>
<p>The Agency Property Management reported monthly income of $116,000 for May and added 96 new property managements.</p>
<p>Mortgage and Financial Solutions Australia posted a record month of $20 million in loan lodgments while the loan book grew 9.5% against a drop of 18% in the overall Western Australian lending market.</p>
<p>Commenting on the results, The Agency Managing Director Paul Niardone said these were "exceptional results" for its Western Australian operations, especially when considering the market is still down 1.8% in dwelling values to May 2018 and sales turnover, for the same period as last year, was down 5%.</p>
<p>"The numbers also demonstrate that the referral of clients into other business units is working.</p>
<p>"The results illustrate we have a proven model that is disrupting the traditional franchise model by giving power back to the real estate agent and providing a significant value proposition to agents.</p>
<p>"The traditional model has had its time and The Agency has proven this by showing that, combined with Sell Lease Property, we are knocking on the door of claiming number one ranking in WA for number and value of sales."</p>
<p>The group reported recently it had $1.1 million in cash at the end of the March quarter.</p>
<p>It forecast outflows of $4.9 million in the June quarter. Its March quarterly revenue was $4.2 million</p>
<p>The sharemarket values the company at $8 million.</p>
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<p data-gtm-vis-recent-on-screen-7770372_137="10752" data-gtm-vis-first-on-screen-7770372_137="10752" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/6/13/agency%202.jpg" alt=""></p>
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<p>The Company is backed by Finsure Group, one of Australia's fastest growing retail finance brokerages writing over $1 billion in new mortgages every month across 850 brokers.</p>
<p>Ausnet Financial Services Limited, as The Agency Group was then known, advised the sharemarket in early 2017 that its east coast expansion involved as=n option agreement with Aura Principal Investments Pty Ltd (ACN 145 010 653), Top Level Holdings Pty Ltd (ACN 617 021 167) and Daring Investments Pty Ltd (ACN 059 818 807) to acquire 100% of the fully paid ordinary shares in the capital of Top Level Real Estate Pty Ltd.</p>
<p>Ausnet director John Kolenda holds an interest in Top Level via his 50% shareholding in (and directorship of) one of the vendors, Daring Investments Pty Ltd.</p>
<p><span> </span></p>
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The Agency again delays Top Level acquisition deal

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<p>The ASX has sought an update from The Agency after their shares fell to a record low after unusual share trading activity on the stock exchange.</p>
<p>In back to back days there have been two million plus shares traded each day. The average volume has recently been 500,000.</p>
<p>Shares fell to a record $0.007 low yesterday but bounced back this morning to $0.008. They were trading at $0.009 when they opened on Thursday morning.</p>
<p>Trading has continued to be unusually high, and The Agency's company secretary Stuart Usher responded that they had no information or reason for the spike in activity and there were no pending announcements that the ASX should be aware of.</p>
<p>"I confirm that I have delegated authority of the board to respond to ASX on disclosure matters and that the responses have been approved by the managing director," the response read.</p>
<p>The sharemarket awaits The Agency update on its success in financing its acquisition of the McGrath rebels outfit, Top Level. </p>
<p> </p>
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jrobinson-rf4aSBido9

The Agency shares hit record low as ASX seek update

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<p>There has been another delay in The Agency's acquisition of the McGrath rebel's led Top Level Real Estate.</p>
<p>This one saw The Agency request a voluntary suspension from today, Tuesday until Thursday to coincide with the commencement of trading.</p>
<p>"The company makes the request pending an announcement by the company regarding the settlement of the acquisition of Top Level Real Estate Pty Ltd," the request stated.</p>
<p>A trading halt has been in place since last week.</p>
<p>Shares have been held at ¢14.</p>
<p>There is no indication as to the reason for the move from a trading halt to suspension.</p>
<p> </p>
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