WiseTech extends trading halt
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Posted by David Sexton
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20 October, 2019
LOGISTICS software and supply chain specialist WiseTech has announced an extension of the trading halt it first announced last week.
The stated purpose of the halt was to combat “claims and allegations” contained in a report by J Capital Research which WiseTech has denied.
Shares are set to remain in a trading halt until the earlier of the start of trading on Wednesday 23 October or when an announcement from WiseTech is made to the market.
The J Capital report claimed financial impropriety and irregularity. The JCAP reported also discloses it might realise gains from a decline in WiseTech share price.
WiseTech founder and chief executive Richard White stood by the company’s financials.
“We are very concerned that the allegations in the document may mislead and manipulate the market to the detriment of WiseTech's business and its shareholders, large and small,” Mr White said.
“Our financials, our revenue, our profit, our growth rates and our product have all been verified comprehensively and form part of the external independent audits conducted annually.”
Mr White said the company supported investigations by Australian regulators of attempts by overseas domiciled short sellers to target ASX companies.
“We are and will remain focused on correcting material misleading information and protecting our shareholders from such conduct,” he said.
