Two Companies That Have Paused Trading Today

  • Oct 17, 2018 AEDT
  • Team Kalkine
Two Companies That Have Paused Trading Today

Sky and Space Global Limited (ASX: SAS)

After closing at $0.057 yesterday, the telco company Sky and Space Global decided to press the pause button this morning.

In a request to Australian Securities Exchange, Sky and Space Global Limited demanded an immediate trading halt in its securities. The reason to put halt in SAS shares’ trading is underpinned by a company’s pending announcement in relation to the achievement of key operational milestone.

It has been stated that release of an announcement can potentially cast material impact on its shareholders, to avoid which the company has decided to go into trading halt after obtaining due approval from ASX.

Further, the statement read that trading halt is expected to remain in place until the earlier of 19 October 2018 or the release of an announcement as stated above. 

In recent trade, Sky and Space Global’s stock has seen a rise of 3.636% to close at $0.057 on 16 October 2018. But, its performance over the past one year has been extremely disappointing the investors as SAS share price has fallen as much as 64.38% over the past 12-month period.

Fatfish Internet Group Limited (ASX: FFG)

Today morning, Fatfish Internet Group temporarily paused the trading in its securities ahead of pending market release on new site that company has secured in Mongolia.

Just few hours later to the pause, the group unraveled the pending announcement, putting FFG securities back on trade. As per the terms of announcement, 51% owned Minerium Technology Ltd of Fatfish Internet Group has secured a new industrial site at Ulan Bator, Mongolia which is said to be converted into cryptomining facility at an initial cost of US$50,000.

Fatfish told that this new Mongolian site has an attractive energy cost base with estimated energy capacity of 12MW which can be further expanded to 16MW. It has been forecasted that infrastructure to build the crypto mining operations at Mongolia will cost nearing US$50,000, excluding the cost for cryptomining rigs and other equipment.

Mongolia-based investment manager Wolfson Capital LLC has been chosen by Fatfish to facilitate Minerium in crypto mining operations at Mongolia for the commercial advisory fees along with 10% equity in Minerium’s Mongolian operation.

 Minerium’s CEO, Joanna stated that this new facility that company has secured in Mongolia will globally have the cheapest cost for electricity, with rates as low as 3.5 US cents per kWh. Meanwhile, Minerium underway fundraising activity to support the acquisition and deployment of crypto mining rigs required in mining operations at Mongolia.

In-line with Minerium’s aim to become the global leader in large-scale cryptomining particularly in low-tariffs area, the management of Minerium has decided to abort operations at its Quebac site in Canada in favor to develop Mongolian site which offers lower energy cost than Quebac.

Currently shareholders can be spotted exchanging hands for FFG shares on ASX, but it has not casted any change in daily stock price. FFG is trading at $0.020 with market capitalization of $10.31 million as on 17 October 2018. However, the stock has seen a performance change of -55.56% over the past one year.

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