Australia's Frontier Energy dips after co scraps placement tranche

Frontier Energy

03/10/2024 04:05

** Shares of Frontier Energy  FHE.AX  fall as much as 16% to
A$0.105
    ** Nearly 17 mln shares change hands as of 0230 GMT, 12.9
times the 30-day avg volume of about 1.3 mln shares 
    ** Renewable energy co cancels second tranche of placement
of A$23.2 million
    ** Cancellation attributed to co's Waroona project not being
allocated capacity for power generation by the Australian Energy
Market Operator and subsequent termination of its debt mandate
    ** Stock down ~69.2%, including current session's moves

 (Reporting by Nikita Maria Jino in Bengaluru)
 ((Nikita.Jino@thomsonreuters.com;))