Goldfields Money in trading halt
Goldfields Money Limited asked the ASX for a trading halt on its securities, effective from the start of trading on Thursday 30 August 2018 until Monday 3 September.The company told the ASX it was seeking the trading halt "pending an announcement in relation to a capital raising". This action had been foreshadowed on Tuesday when Goldfields Money presented its financial year results and a trading update, indicating plans for a merger with mortgage broker and aggregation firm Finsure were well advanced. The plan requires Goldfields to boost its capital by A$20 million. In April, the company raised $4.7 million, leaving $15.3 million to be raised.The Goldfields Money FY18 results presentation and trading update included commentary reiterating that although it received an unsolicited proposal from non-bank mortgage originator and distributor Firstmac in October 2017, initially via an on-market cash offer of $1.12 per share, subsequently increased to $1.27 per share on 9 November 2017, the Goldfields board recommended against it, in favour of the Finsure deal, and the Firstmac offer lapsed on 1 December 2017.It now seems that the Finsure merger will proceed as planned, to be finalised in September 2018.