The Market Herald halts trading… again
ASX-listed media company The Market Herald has halted trading once again, as it prepares for an announcement on Wednesday.
The company has had a tumultuous few months, with its managing director Jag Sanger being removed from his role in December following an internal battle between Sanger and the majority shareholders.
Tommy Logtenberg has been acting chief executive officer since early December, while the company has been searching for a permanent solution.
Mumbrella has contacted TMH for further comment.
This is the second trading halt The Market Herald has issued in as many months, with the direction of the company currently up in the air.
After completing a deal to acquire the Gumtree, Carsguide and Autotrader businesses in October, it then made around 50 staff redundant.
Adevinta is still yet to see the $60.1 million it is owed by The Market Herald for the GCA business, with an extension of the payment date recently agreed.
In recent months, TMH has acted increasingly erratically for an ASX-listed company, publishing a ‘Strategy and Trading Update’ last week, that provided little strategy or trading updates.
As of 23 January, its share price sits at $0.40, with a market capitalisation of $109.62 million.
