Law firm in a state of flux

Townsville Bulletin - - NEWS -

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.

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