Australia's Locality Planning Energy rises on restructuring

Locality Planning Energy Holdings

21/06/2022 02:34

** Shares of electricity provider Locality Planning Energy
Holdings  LPE.AX  rise as much as 37.3% to A$0.070, mark their
biggest intraday pct gain since July 20, 2021
    ** Co undertakes restructuring exercise to focus on
value-creating operations including strata business and
vertically integrated renewable assets  urn:newsml:reuters.com:*:nASX9QBCws
    ** Says the change in strategy will remove a costly overhang
and will result in A$30 mln ($20.92 mln) flowing back to LPE
    ** Shares hit their highest since April 29
    ** More than 6.2 mln shares trade hands, 8.2 times the
30-day average of 762,740 shares
    ** As of last close, stock down 63.6% this year

($1 = 1.4339 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))