It was announced that securities of Rural Funds Group will be placed in a trading halt at the request of the Group, pending the release of an announcement by the Group. The securities will be on a trading a halt on ASX unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on 13 July 2018 or when the announcement is released to the market. The Group requested for trading halt immediately pending an announcement in relation to a proposed capital raising.
The Group’s bank facility provides access to $50 million in funding the current facility limit of $275 million and it is expected that transaction will be settled in July 2018. The property offers opportunities for productivity enhancements similar to those proven on Rewan – a central Queensland cattle property that was acquired by RFF in July 2016. The Group forecasted FY19 distribution that amounts to 10.43 cpu which represents a 4 per cent increase on FY18. The Group was trading at $2.07 before going into the trading halt (as on 11 July 2018; 10:36 AM AEST).
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