Sunbird Energy (ASX:SNY) has been granted a trading halt by the ASX pending an announcement on financing.
Sunbird also entered a halt at the end of last month, and at the time the company said it needed the time to consider its position in relation to company financing requirements and in particular, the impact of an indicative non-binding proposal received from Glendal Power & Industries Proprietary.
The proposal is subject to conditions including due diligence, third party financing arrangements and Glendal Power achieving a minimum relevant interest in at least 51%.
The proposal has an indicative cash consideration of A$0.18 per share and potentially values Sunbird at over A$25 million.
The halt will remain in place until the opening of trade on Monday 10th August 2015, or earlier if an announcement is made to the market.
