Two Stock In Trading Halt – NVT And DCN

  • Mar 21, 2019 AEDT
  • Team Kalkine
Two Stock In Trading Halt – NVT And DCN

The below-mentioned stocks were placed in a trading halt. Let’s take a closer look at the reasons why these stocks were placed in a trading halt.

Dacian Gold Limited (ASX: DCN)

Western Australian based gold producer, Dacian Gold Limited’s (ASX: DCN) shares were placed in a trading halt at the request of DCN pending the release of an announcement to the ASX regarding a production update for the March quarter and FY2019 production guidance at its Mt Morgans Gold Operation. The company is expecting that the trading halt will be lifted on or before market open on Monday 25 March 2019 by the provision of an announcement to ASX.

For the half-year ended 31 December 2018, the company reported a net loss of around $7.0 million which included a loss of $5.68 million relating to exploration and evaluation costs immediately expensed. At the end of the half-year, the company had $67.622 million in cash and $18 million in unsold gold on hand.

During the half-year period, the company maintained its aggressive exploration strategy and identified a number of new exploration and discovery opportunities. In February 2019, the company announced outstanding new drilling results which highlight the potential for significant growth in the Mineral Resource and Ore Reserve at its wholly owned Mount Morgans Gold Operation (MMGO), located near Laverton in Western Australia.

DCN’s stock last traded at $2.450 with a market capitalization of circa $553 million as on 21 March 2019.

Navitas Limited (ASX: NVT)

Leading global education provider, Navitas Limited (ASX: NVT) has entered into a Scheme Implementation Deed with BGH BidCo A Pty Ltd, AustralianSuper, entities associated with Mr Rodney Jones (RMJ) and certain limited partners of the BGH Fund, under which the BGH BidCo will acquire 100 percent of the share capital of Navitas by way of Scheme of Arrangement.

If the Scheme is implemented, the shareholders of Navitas will get $5.825 in cash per Navitas share. The Scheme is subject to various conditions which include approval of Navitas shareholders and the Federal Court of Australia.

Based on the Cash Consideration of $5.825 per Navitas share, the Directors of Navitas have unanimously recommended the shareholders to vote in favour of the Scheme at the Scheme meeting, in the absence of a Superior Proposal and subject to an independent expert concluding that the Scheme is in the best interests of Navitas shareholders. The scheme is also subject to the approval of Australia’s Foreign Investment Review Board (“FIRB”). An application for approval has already been submitted to FIRB by BGH BidCo.

RMJ and AustralianSuper collectively own 18% of the Navitas shares. As members of the BGH Consortium, RMJ and AustralianSuper will receive some or all of their consideration in the form of shares in the ultimate holding company of BGH BidCo, instead of the Cash Consideration available to all other Navitas shareholders. However, RMJ and AustralianSuper will not be permitted to vote at the general Scheme meeting of Navitas shareholders for the purpose of approving the Scheme. AustralianSuper and RMJ will instead vote in a separate class, at a separate Scheme meeting, to all other Navitas shareholders.

Earlier today, Navitas Limited’s shares were placed in a trading halt at the request of NVT to provide an update on discussions with the BGH Consortium. NVT’s shares last traded at $5.620 with a market capitalization of $2.01 billion as on 21 March 2019.


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