Cen­tro sur­prised by mar­ket gain

Townsville Bulletin - - Investor -

CEN­TRO Prop­er­ties Group se­cu­ri­ties gained as much as 46 per cent this week, but the debt-laden shop­ping cen­tre owner says it is un­aware of any rea­sons for the move.

Cen­tro Prop­er­ties se­cu­ri­ties be­gan the week at 5.4 cents and had risen to 7.9 cents be­fore en­ter­ing a trad­ing halt on Thurs­day morn­ing.

De­spite spec­u­la­tion an an­nounce­ment was to be made by the com­pany, Cen­tro yes­ter­day told the Aus­tralian Se­cu­ri­ties Ex­change it was un­aware of any rea­son for the rise, and in­creased vol­ume of trade.

It said it an­tic­i­pated its un­der­ly­ing profit for the year to June 30 to be lower than the pre­vi­ous year by sub­stan­tially more than 15 per cent.

But that was not ma­te­rial to the mar­ket price, it said, due to its re­cently an­nounced debt re­fi­nanc­ing and re­struc­ture plans. The group is sell­ing its US as­sets, and has pro­posed a can­cel­la­tion of its se­nior debt and amal­ga­ma­tion of all of its funds’ as­sets into one port­fo­lio.

The shop­ping cen­tre owner is one of Aus­tralia’s high­est pro­file ca­su­al­ties of the global fi­nan­cial cri­sis.

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