Law firm in a state of flux
SHARES in Slater and Gordon are in a trading halt on the ASX, after the stricken law firm paused for breath ahead of updates on its legal dramas.
The company yesterday said its shares – which have plummeted from $ 8.07 to 7.4c in a little over two years – would remain in a trading halt until as late as tomorrow to allow for an announcement to the market.
Under a recapitalisation deal announced two weeks ago, Slater and Gordon’s lenders will assume 95 per cent of its stock, conditional on the outcome of legal proceedings. Slater and Gordon is facing class actions from aggrieved shareholders and has launched its own claim following the collapse in the firm’s value following its disastrous $ 1.2 billion acquisition of British firm Quindell in 2015.