ASX listed transport company, McAleese, was granted a trading halt on its shares yesterday pending the release of an update on the restructure of the company’s wholly owned subsidiary, Cootes Transport, and the company’s earnings outlook for the year ending 30 June 2014.
In a letter to the Australian Stock Exchange, the company said that it had progressed with its review of the timing and impacts of restructuring the Cootes Transport business and that the company was in the process of reviewing its 2014 financial year forecast in light of trading conditions in January 2014. The company said that it was also reviewing the impact of current market conditions on other parts of the business.
The review is to include an assessment of the impact on the company’s 2014 financial year’s forecast of the restructure costs of Cootes Transport. The restructure was announced following Cootes Transport being unsuccessful in tendering for contracts carrying petroleum products for Shell and BP.
The company requested that the trading of its shares halt until the announcement of the results of the review to the stock exchange by the company or the commencement of trading on Monday, 17 February 2014, whichever occurs first.
McAleese anticipates that the announcement of the review results will be provided to the stock exchange prior to the commencement of trading on Monday.