More problems ahead for troubled engineering group, RCR Tomlinson with the company winning an extension of the trading halt in its shares until next Tuesday.
The company had asked on Monday for a trading halt until yesterday pending a report on its earnings for 2018-19 and its financing arrangements.
But yesterday it asked for the extension, saying “it is in the process of further reviewing its earnings for FY19 and the associated consequences for its funding.”
That is sort of what it said on Monday, so to repeat it yesterday means it has had little success in reviewing those earnings and what they mean for the funding.
The shares were suspended at last Friday’s price of 87 cents, which is below the $1 a share in the $100 million refinancing carried out in August after a lengthy suspension saw write-downs on two Queensland solar farm projects, job cuts and the departure of the then CEO.
There have been market reports that the company has problems with another solar farm contract.