( ) is catching the attention of investors today and is down around 9% in the red. At the time of writing, the ASX retail stock is swapping hands at $0.30 cents apiece.
The moves today come after an announcement from the company in early trade requesting the halt. Reports have also surfaced that a large investor billionaire raised their stake in the struggling plus-sized women's clothing retailer, although this is unrelated to the halt. This year to date, the ASX retail stock has slipped 44% into the red, having collapsed from former highs of $0.
60 on 13 February. Let's take a look. ASX retail stock halted City Chic has entered a trading halt ahead of an announcement regarding two updates.
The first was to do with the proposed divestment of its Avenue arm. The second is related to a new equity raise. The company plans to complete a fully underwritten institutional placement and a pro-rata accelerated non-renounceable entitlement offer to raise capital.
Whilst not entirely clear, it requested the halt remain in place until Monday. Before then it will likely reveal more on the planned divestment of its Avenue arm. City Chic expects to make an announcement to ASX in connection with the proposed divestment of Avenue and an equity capital raising to be undertaken by way of a fully underwritten institutional placement and a fully underwritten pro-rata accelerated non-renounceable entitlement offer of new fully paid ordinary shares in City Chic If the company makes an announcement b.
