The Agency seeks fresh injection of cash

The Agency seeks fresh injection of cash
The Agency seeks fresh injection of cash

The national ASX listed real estate agency The Agency is seeking a fresh injection of cash.

Shares in the debt-laden group went into a trading halt on Monday, pending an announcement about a capital raising.

It is expected on Wednesday.

The shares have lost two-thirds of its value since February when it was trading at 22 cents. Now they're at seven cents

Nine Entertainment reports "concerns about its financial viability."

The Australian Financial Review called it a "capital funding lifeline."

There was a capital raising last November.

The group continue to expand its operations however.

The Agency now operates in Perth, Sydney, Melbourne, the Gold Coast, Newcastle and Illawarra after sizeable expansions.

They recently partnered with Southern Highlands veteran agent Cameron McKillop and his team at McKillop Property. 

The Agency Group's June quarter update saw 674 exchanges, their highest on record.

In March this year The Agency reported it expects its core business units to be profitable within the next 12 months.

Shares fell 15 percent in February around the time Philip Re tendered his resignation as chairman. He was replaced with interim chairman Andrew Jensen, The Agency's former chief financial officer.

 
 
Tags: 
Asx Update The Agency

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