Australia’s IOOF requests trading halt extension ahead of capital raise, deal

(Reuters) – Australian wealth manager IOOF Holdings Ltd requested on Monday that a trading halt placed on its shares be extended, ahead of a market announcement on a capital raising to fund a potential acquisition.

The company said the capital raising comprised an institutional placement, a non-renounceable entitlement offer and a share purchase plan.

IOOF asked the Australian stock exchange to extend the trading halt until it made an announcement or Sept. 2, whichever came first. Shares were already halted on Friday at the company’s request.

The Australian Financial Review reported on Wednesday that the company was making a bid to buy National Australia Bank Ltd’s superannuation and wealth management arm, MLC Wealth, with a binding offer expected in coming weeks. (https://bit.ly/31BfWQx)

(Reporting by Rashmi Ashok in Bengaluru; Editing by Peter Cooney)