Wide Bay Australia will undertake a share placement after placing a trading halt in its shares yesterday. The level of the planned share sale is not clear. The Financial Review quoted a circular to investors that cited deposit gathering as the primary rationale for the sale of new shares. Wide Bay last sold new shares in late 2008. In early 2009 it cut its dividend to preserve capital, and later that year sold subordinated debt. The Bundaberg-based ADI reported a profit increase of 30 per cent to $22.3 million in the year to June 2010, with most of the increase linked to a turnaround in the profits of its captive mortgage insurance subsidiary.