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Why Corp Travel Management (ASX:CTD) and Starpharma (ASX:SPL) shares are in trading halts

Corporate Travel Management Ltd (ASX:CTD) and Starpharma Holdings Limited (ASX:SPL) shares are in trading halts on Monday. Here’s why…
The post Why Corp Travel Management (ASX:CTD) and Starpharma (ASX:SPL) shares are in trading halts appeared first on Motley Fool Australia. –

The market may be pushing higher this afternoon but missing out on the action are the shares of Corporate Travel Management Ltd (ASX: CTD) and Starpharma Holdings Limited (ASX: SPL).

Both companies requested trading halts this morning before the market open. Here’s why they are halted:

Corporate Travel Management

The Corporate Travel Management share price was placed into a trading halt this morning until Thursday whilst it undertakes the institutional component of an accelerated entitlement offer. According to the request, unlike many of its peers, the company isn’t raising funds for liquidity. Rather, it is raising these funds to make a potential acquisition.

No details were given with the release, but the AFR has reported that Corporate Travel Management is understood to be raising $400 million to make a company-changing acquisition. It remains unclear which company management has its eyes on. And given that it operates globally, there certainly are a lot of options for it to choose from.

Starpharma

The Starpharma share price has gone into a trading halt on Monday so that the dendrimer products developer can launch an equity raising. This will comprise an institutional placement and an accompanying share purchase plan. Starpharma’s shares are expected to return to trade on Wednesday following the completion of the institutional component of the equity raising.

Once again, no details were given with the trading halt request. However, the company is understood to be looking to raise a total of $45 million from investors at a price of $1.50 per new share. This represents a 6.5% discount to its last close price. Some of the funds are expected to be used to support the commercialisation and launch of its COVID-19 nasal spray. Other funds are likely to be used towards the advancement of its promising DEP drug delivery technology.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Starpharma Holdings Limited. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited. The Motley Fool Australia has recommended Starpharma Holdings Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Why Corp Travel Management (ASX:CTD) and Starpharma (ASX:SPL) shares are in trading halts appeared first on Motley Fool Australia.

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