26/06/2006 - 09:53

Aspen Group in trading halt

26/06/2006 - 09:53

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Perth based property developer Aspen Group Ltd has announced a trading halt, pending an announcement from the company expected on Wednesday.

Perth based property developer Aspen Group Ltd has announced a trading halt, pending an announcement from the company expected on Wednesday.

The halt comes after the group announced an increase in its quarterly distribution rate, from 2.625 cents per share to an estimated 2.875 cps earlier this month, reporting a further $ 20 million rise in the value of its Septimus Roe square property and a rise in the value of other assets to the tune of $8.93 million in May.

Also in May, Aspen released the second offering of stapled securities in the Aspen Parks property fund, seeking $50 million to fund the purchase of holiday and caravan parks, with the goal of owning $150 million worth of assets by 2009.

Shares in the company were trading at $1.56 when the halt was announced.

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