GRD again placed in trading halt

Trade in listed mining and construction investor GRD was again suspended this morning, pending an announcement.

The Perth-based company, which owns 57 per cent of Otago miner Oceana Gold, requested the halt pending an announcement to be made next Tuesday.

The trading halt will remain in place until the start of trading next Wednesday.

Last Thursday GRD was briefly placed in a trading halt, ahead of an announcement made later that day that it had agreed to buy 100 per cent of its subsidiary Global Renewables.

GRD agreed to buy out its partner in the venture, Hastings Funds Management, for A$65 million ($70.4 million), with a deferred settlement date of June 2010.

Global Renewables owns and operates an urban waste treatment project at Eastern Creek, Sydney.

It is also the preferred bidder for the Lancashire Waste Partnership PFI Project, which it estimated would reap about A$6 billion in revenues over the life of the contract.

- NZPA