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The Stock Exchange today suspended trading in SunSeeker Energy Australasia Ltd after it failed to provide its December half year result by the due date of March 14.
The Australian-based solar power company listed on the NZX last July but in February said it was subject of a takeover offer by SunSeeker Energy UK.
The UK company was seeking to buy the assets of the Australasian company, paying one share in the UK company for every NZ share, and $500,000 in cash.
The New Zealand directors did not oppose the plan, which valued the assets well above $2 per share, but said it had to gain shareholder approval and meet other conditions.
SunSeeker shares last traded at $1.02.
The UK company will buy the rights and interests over the use of SunSeeker intellectual property in Australia, New Zealand, Norfolk and Lord Howe Islands. It will also purchase the Australian subsidiary.
- NZPA
