You might have seen over on our investor website that shares in Trade Me Group Limited are in a trading halt this morning. This is pending the release of “material information” by Fairfax Media Limited at approximately 11.30am New Zealand time.
We will update this post with any new information when it emerges.
Fairfax Media Limited has announced the sale of 15 per cent of its shareholding in Trade Me, reducing its shareholding from 66 per cent to 51 per cent. Fairfax has advised that it has entered into an agreement with an investment bank for the sale of the shares, and that a “book build” process is continuing. Trade Me will remain in trading halt until this book build is completed.