GO2 Announces Voluntary Suspension Following The Two-Day Trading Halt

GO2 Announces Voluntary Suspension Following The Two-Day Trading Halt

The GO2 People Ltd (ASX: GO2) provides two distinct industrial services with two separate divisions. The recruitment division handles all the staffing needs to a range of industries including national and international organisations. The recruitment is done on two broad basis labour hire and professional recruitment. The other is the building division of the company which works as a construction company providing a wide range of building, construction and project management services.

On 10th April 2019, the company requested the Australian Securities Exchange (ASX) for the immediate suspension of trading of its listed securities by the ASX under Listing Rule 17.2. This step has been taken after the failure of the company in delivering the previously quoted announcement to the market till 10th April 2019.

On 8th April 2019, the company requested ASX to temporarily halt the trading of its listed securities on ASX under Listing Rule 17.1. The reason stated by the company was a pending release of an announcement with regarding a probable business acquisition and a capital raising to fund the cash for the acquisition and general working capital purposes. With the positive reply from the ASX, the exchange placed a halt on the listed securities till the normal commencement of the trading session on 10th April 2019 or when the announcement is released to the market, whichever is earlier.

As the trading session on 10th April 2019 was about to commence, it further requested for the suspension of its ordinary securities till the announcement is being released. According to the company it needs more time to finalise the capital raising and potential acquisition. The suspension of ordinary securities may affect the company’s ability for capital raising. Finally, the company has requested to end the suspension on 17th April 2019 or after the release of the announcement, whichever is earlier.

Recently there has been a lot of internal activity seen in the company’s shareholding pattern. The Directors of the company have acquired quite a lot of unlisted options in the company. Mr Andries Dique has acquired 500,000 unlisted options on 18th December 2019 exercisable at $0.30, expiring on 17 December 2021. Mr Darren Cooper has also acquired 750,000 unlisted options on 18th December 2018 exercisable at $0.30, expiring on 17 December 2021. Apart from this he also has a direct interest in 5000,000 fully paid ordinary shares. Mr Peter McMorrow also acquired the 500,000 unlisted options on 18th December 2018 exercisable at $0.30, expiring on 17 December 2021. Apart from this he also has an indirect interest in 1,193,500 fully paid ordinary shares.

On 28th February 2019, the company announced its financial result for 1HFY19. The revenue from operating activities increased by 37% to A$26,342k. The revenue for labour hire services increased to $24,593,730 from $ 16,402,081 and in building services stood at $ 1,748,560 from $ 2,586,994 in (PCP). No dividends were declared for the period, and the outlook was given with respect to advancement towards the objectives.

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GO2 last traded at $0.090.


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