Scottish Pacific Group Limited (ASX: SCO) – Shares Placed In Trading Halt Ahead Of Pending Material Announcement

Scottish Pacific Group Limited

Financial services provider Scottish Pacific Group Limited announced the trading halt of its securities. In an application made to Australian Securities Exchange, the company requested the immediate implementation of a trading halt of its listed securities due to pending material announcement.

Subsequently after receiving the approval from ASX the securities of Scottish Pacific Group were placed in trading halt on 20 September 2018. As per the company’s information, the pending announcement is in relation to a possible control transaction which involves the company.

Let’s take a recap of the financial performance of the company. In the recently announced FY18 result, the company posted strong underlying growth across the business which has eventually pumped up the bottom line by 17.4% to $29.7 million. Whereas the top line jumped 8.2% to $108.6 million in the year ended 30 June 2018. Growth in volumes and loan book has been the principal driver for growth in net revenue and profit. Cost to income ratio was 50.2% in Fiscal 2018 compared to 52.4% last year.

Also, the company declared higher fully franked dividend of 19.0 cents per share, up 15.2% for the full year ended 30 June 2018. Whereas basic earnings per share grew 15% to 24.2 cents per share.

The securities of SCO will remain in trading halt till the earlier of 24 September 2018 or market release of the material announcement by the company as stated above.

The stock of Scottish Pacific Group last traded at $3.740 after recording 2.186% of rise in the daily price change on 19 September 2018. The SCO has seen a performance change of +33.10% over the past one year while most recently it traded at the PE of 15.620 x with market capitalization of $520.58 million.

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