Pacific Edge shares in bookbuild trading halt

Pacific Edge's shares are in a trading halt while it completes a bookbuild for those shares not taken up in a recent rights issue. File photo / Paul Estcourt
Pacific Edge's shares are in a trading halt while it completes a bookbuild for those shares not taken up in a recent rights issue. File photo / Paul Estcourt

Shares in cancer diagnostics company Pacific Edge have been put on a trading halt while the company completes a so-called "bookbuild" for the remaining stock not taken up under its three-for-seven rights issue, the NZX said.

The trading halt will remain in place until Pacific Edge notifies NZX of the outcome of the bookbuild, the exchange said.

Pacific Edge said on Thursday that the offer had raised about $11.4 million, compared with the $16m originally sought, reflecting a takeup about 72 per cent.

Chief executive David Darling said the offer would provide Pacific Edge with the funding to implement its strategy of commercialising its "Cxbladder" bladder cancer diagnostics tool in the United States for use by US clinicians.

Pacific Edge will offer for sale under the shortfall bookbuild about 23.5 million new shares this morning.

The new shares are expected to start trading on the NZX on September 7.

Pacific Edge shares traded on Thursday at 23c.

- APNZ

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