hares in Lasseters Corporation have been suspended from the Australian Stock Market, at the request of the company, following uncertainty regarding the continuation of financial support from its parent company, Lasseters International Holdings Limited.
Last week Lasseters reported an operating loss of AUD$15.55 million for the year ended June 30th 2008, with the company's ability to continue as a going concern in doubt. Directors of the company yesterday requested a suspension in the trading of its shares in light of the company's dependency on financial support from its parent entity, who claims it will not continue to support Lasseters under the current terms and conditions provided.
The company expect the suspension to last for a period of one month, while Lasseters and its parent company agree a plan of action after taking appropriate financial and operational advice. Depending on the outcome of the advice, shares in Lasseters will either return to trading or continue to be suspended.
Lasseters are hopeful that discussions between the two parties will yield new terms and conditions for the continued support of the company. The Directors have said that they are unable to provide the market with reliable information regarding the future trading of the company until those discussions take place.
Shares in Lasseters Corporation (ASX:LAS) closed at $0.01 on September 2nd, the last day on which the security traded on the Australian stock exchange. Shares in Lasseters have lost 72.97% of their value in the passed 52 weeks, falling to a 52 week low on September 2nd.