Briefs: Rubik Financial in trading halt, GRG investor pulls out
Rubik Financial may announce a takeover by the end of the week. The firm asked that its shares be placed on trading halt yesterday. With a market cap of less than A$20 million, any acquisition by Rubik may be small in value. Shares in Rubik increased 1.5 cents to a 12-month high of 8.5 cents on Tuesday. ATM operator GRG International is on the hunt for a new investor to provide the working capital needed to support its push for growth. The firm advised the ASX yesterday that Ezybonds Inc had said it was no longer in a position to provide the expected A$1.9 million in capital. GRG announced in early March that Ezybonds would make the investment by March 23. The firm now needs a new provider of working capital to fund the supply of welfare services in a number of Indian states. The Australian Financial Review reports that Commonwealth Bank's insurance division, Comminsure, has been dropped from the approved product list of financial planner Genesys Wealth Advisers. Another planner group, WHK, dropped Comminsure two months ago. Sources said the group's claims experience was "mixed".