More continuous disclosure problems, this time from Hedley Leisure & Gaming (Bryan Frith in the Oz is all over these CDR breaches).
Here's the start of the article:
ONLY a week after telling the ASX that Hedley Leisure & Gaming property fund did not possess any undisclosed information that would explain a sharp fall in the price of the fund's securities, the directors have admitted that the fund is seeking to reduce debt through asset sales.
The directors yesterday obtained a trading halt of up to two days because the fund was finalising divestment transactions to reduce debt. The halt would end when the fund made an announcement on the divestments.
On March 5, the ASX queried HLG about a two-day slump of 44 per cent, from $1.49 to a low of 83.5c. HLG immediately obtained the halt to enable it to properly respond, which it did last Monday.
HLG replied that it wasn't aware of any information that hadn't been announced but which, if known, would explain the price movement.
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