The Australian Securities Exchange (ASX) has granted a trading halt on Discovery Metals shares to allow the company to make an announcement on its new leadership.
The troubled company announced a deal recently with Blumont Copper and the new changes in the board and management are likely to include representatives of subsidiary of the Singapore based Blumont Group.
“The securities of Discovery Metals Limited (the “Company”) will be placed in Trading Halt Session State at the request of the Company, pending the release of an announcement by the Company,” said ASX.
“Unless ASX decides otherwise, the securities will remain in Trading Halt Session State until the earlier of commencement of normal trading on Monday, 4 November 2013, or when the announcement is released to the market.”
Discovery Metals said in a letter to the ASX Compliance division that the trading halt is requested pending an announcement in relation to changes to its board and management team.
“Discovery Metals requests the trading halt immediately, and that it continue until it is able to make a further announcement to the market concerning the changes,” it pleaded with the Australian bourse.
This week the company announced the resignation of its Chairperson, John Shaw. Shaw has seen the company through major wars including the famous disagreement over a possible takeover by major shareholderÔÇö Cathay Fortune Corporation.
The company immediately said it has commenced a process to appoint a permanent replacement for Shaw. “During this process, Mr. Jeremy Read will assume the role of interim Chairperson of Discovery Metals in addition to his role as a Non-Executive Director”.