Australia's Close The Loop hits record low on termination of buyout talks

Close The Loop

29/01/2025 04:59

** Shares of Close The Loop  CLG.AX  slump 25.7% to A$0.13,
to hits a record low
    ** Environmental solutions provider reports termination of
acquisition discussions with Adamantem Capital
    ** The proposed deal, involving the acquisition of 100% of
the company's shares at A$0.27 per share, faced considerable
complexity and the parties could not reach a consensus on the
commercial terms, leading to the cessation of discussions - CLG
    ** Co expects 1H25 revenue to be broadly in line with the
PCP, with EBITDA in the range of A$11 mln to $13 mln
    ** Stock set for three sessions of consecutive losses
    ** Over 11 mln shares traded, 13x the 30-day avg
    ** Stock fell 38% last year

 (Reporting by Kumar Tanishk in Bengaluru)
 ((Tanishk.Kumar@thomsonreuters.com;))