- Locality Planning Energy (LPE) has asked for back-to-back trading halts to be implemented as it organises a capital raise
- LPE's shares will remain in the halts for four consecutive days, until August 6, or when the capital raise announcement is made
- The electricity provider finished the June quarter with over $8 million in the bank, after ending the period cash flow positive
- Shares in LPE last traded for 33 cents per share
Electricity provider Locality Planning Energy (LPE) has successfully requested back-to-back trading halts be implemented by the ASX as it organises a capital raise.
The trading halts will last for four consecutive days until August 6, or until an announcement is made regarding the capital raise.
No details have been released just yet as to why the company is raising capital.
LPE ended the June quarter of the 2020 financial year with $8.25 million worth of cash in the bank.
The quarterly report released this month also revealed the company is cash-flow positive. It ended the June quarter with $2.739 million on its operating balance sheet.
LPE said the cash flow result was largely due to "COVID-19 electricity relief payments" which it received from the Government on behalf of its customers.
Before today's trading halts, Local Planning Energy's shares were trading for 33 cents per share on July 30.