UPDATE: TPG-Soul, Pipe issue trading halts

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UPDATE: TPG-Soul, Pipe issue trading halts

Continuous disclosure rules cited as reason.

Update: In similarly worded announcements citing continuous disclosure rules, data carriers Pipe Networks and SP Telemedia (TPG-Soul) have again requested the ASX halt trades in their securities.

It is the second time within a week the two companies have simultaenously announced an extension of their trading halts.

The two companies originally intended to announce something on Friday.

A Pipe spokesman told iTnews it would announce something today.

After Pipe's trading halt was issued last week, it announced the issue of 2.8 million shares at $6.30 per share. The total value of those shares would equate to $17.36 million when issued.

Pipe said the shares, which were to be issued before Monday, "provide part funding for the remaining obligations in relation to construction of PPC-1", its international fibre cable that lit up on October 8.

As of 31 July, SP Telemedia had $17.17 million cash on hand, according to its annual report, whilst Pipe Network, at 30 June, had $2.38 million cash on hand, according to its annual report.

The exchange's listing rules require a company to tell the market of any change in its status that may materially impact its share price.

After the new securities are issued, Pipe Networks will have more than 59 million shares.

More than 170,994 employee share options in Pipe will expire before the end of the year, the company said.

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