Webjet shares in trading halt pending acquisition announcement.
Webjet has just had its shares suspended from trading today, in order to conduct an offer of new shares pursuant to an “accelerated non-renouncable rights issue”.
The funds raised will be used for the acquisition of Auckland-based Online Republic, which is the parent company of brands including Cruise Republic, Cruise Sale Finder, Airport Rentals and Motorhome Republic.
Webjet is seeking a trading halt until the opening of trading on Wednesday, at which time it expects to be able to make an announcement about the completion of the institutional component of the rights issue.
The company said the money raised will also be used for “other growth opportunities”.
More details in today’s issue of Travel Daily.