Trading in telecommunications contractor GDC Communications was halted this morning, pending the outcome of negotiations over the sale of one of its three divisions.
The shares would resume trading on February 14, GDC said.
On February 2, GDC downgraded its profit forecast after scrapping a share issue due to a lack of interest.
The directors said at the time they were looking at making money through a sale.
Today's decision to halt trading was an attempt to stifle erratic trading in the company as speculation swirled about possible purchasers for its voice sales division, and the company's prospects generally.
"The directors are concerned that trading in the company's shares is being undertaken on an uninformed basis," GDC said.
Shares in GDC last traded on Wednesday at 2c against a year high of 20.9c and a low of 1.2c struck following last week's announcement.
- NZPA
GDC halts trading as shares yo-yo
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