Southern Cross Media in trading halt

CEO Grant Blackley

Southern Cross Austereo has halted trading to assess its options to deal with the COVID-19 pandemic.

In the last month, shares have fallen more than 79%, now at 0.16c.

“SCA advises that the trading halt is necessary to enable SCA to assess the impacts of the COVID-19 crisis on its business and to make an announcement to inform the market about those impacts and the actions being taken by SCA to address them,” the company said in a statement to the ASX.

According to The Australian Financial Review the regional broadcaster is not insolvent, but is halting trade to give Southern Cross as many as 10 days to work through its plan, which could include an equity raising or working with its banks to potentially relax covenants.

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