Virtus (ASX:VRT) shares freeze on trading halt

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Virtus (ASX:VRT) shares freeze on trading halt

: Virtus (VRT) share price
Image source: © Mehaniq | Megapixl.com

Highlights

  • Virtus shares are to remain under trading halt until 15 March 2022.
  • Virtus share price has soared above 27% over the past 12 months.

The shares of Virtus Health Limited (ASX:VRT) froze on the ASX today (11 March) at AU$7.70 per share. The healthcare company announced that it has put its securities under trading halt at the request of Virtus.

The securities of Virtus will remain under trading halt until regular trading commences on 15 March 2022, Tuesday, unless ASX decides otherwise.

Read more: Carnarvon Energy (ASX:CVN) shares zoom over 10% on Pavo-1 well update

What are the recent developments within Virtus?

On Thursday, Virtus informed that the panel has declined to conduct proceedings on an application dated 3 March 2022 from BGH Capital Pty Ltd in its capacity as manager or adviser to each of the constituent entities of the BGH Capital Fund I (BGH) related to the affairs of Virtus Health Limited.

The company shared that the panel declared on 23 February 2022, stating unacceptable circumstances after finding that certain aspects of the exclusivity arrangements in a process deed between Virtus and CapVest had an anti-competitive effect.

The panel made final orders that included an amendment of the process deed by Virtus and CapVest to ensure that it clarifies that ‘fiduciary out’ is efficient to create an exception to the no talk and no due diligence clauses. In the context of the best interests of Virtus shareholders for the board of Virtus to facilitate a Competing Proposal.

BGH then provided a confidential proposal to Virtus on 28 February 2022, to acquire 100% of the outstanding share capital in Virtus through a scheme of arrangement at AU$7.65 per Virtus share. However, Virtus is yet to evaluate BGH's proposal.

Virtus share price overview:

The shares of Virtus jumped over 27% on the ASX over the past 12 months. On the other hand, VRT’s year-to-date share price gained more than 14% today.

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