Ecoya halts to raise Trilogy cash

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Geoff Ross' company Ecoya put a trading halt on shares yesterday while it proceeded with its capital-raising component for the acquisition of skincare business Trilogy.

On Friday, Ross said Ecoya had bought 100 per cent of Wellington-based Trilogy for $10 million with the promise of an earn-out payment of up to $10 million at the end of the 2011 financial year.

Trilogy will remain an independent brand but Ecoya will use it to enter markets where it is already well established such as Ireland and Britain. Both are markets where Ecoya has yet to gain a presence.

The halt was expected to be lifted today.

Ross said Ecoya had worked with Trilogy on the deal for several months after being approached by its owners, sisters Sarah Gibbs and Catherine de Groot. Ecoya shares closed at 80c yesterday.