Australia's Crowd Media plummets after directors withdraw from placement

Unith

24/06/2022 04:45

** Shares of Crowd Media Holdings  CM8.AX  slide as much as
19.1% to A$0.017, their lowest since April 14, 2020
    ** Co says directors and related entities will not
participate in its A$2.1 mln ($1.45 mln) share placement
 urn:newsml:reuters.com:*:nASXccnNq2
    ** CM8 had earlier said directors would purchase A$300,000
worth of shares in the placement  urn:newsml:reuters.com:*:nASX4g6ggX
    ** Consultation with large shareholders indicated lack of
support for placement - Crowd Media
    ** Stock posts its biggest intraday pct drop since Feb. 17,
2021
    ** Trading volumes three times the 30-day average, with
about 5.8 mln shares having changed hands so far
    ** Stock down 36.4% YTD, as of last close
($1 = 1.4493 Australian dollars)

 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))