Powerhouse trading halt pending capital raise announcement

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ASX-listed incubator Powerhouse Ventures shares are in a trading halt pending plans to raise new capital, which the Christchurch-based firm says will cover operating costs and new investments.

The company sought the trading halt until it announces the outcome of the planned capital raise or the open of trading on April 13, it said in a statement. The shares last traded at 22 Australian cents, having slumped from the A$1.07 price they were sold at in an initial public offering in 2016.

“The reason for the trading halt is that the company intends to make an announcement regarding a capital raising to fund existing and new start-up ventures in Australia and New Zealand, working capital requirements, and operational expenses,” general counsel Rachel Triplow said.

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