Exclusive: TEAC Australia Halts Trading, Hints At “Change Of Control”
TTA Holdings, the official distributor of TEAC consumer electronics products in Australia, has had its shares on the Australian Stock Exchange placed in a trading halt at the request of the company.
The trading halt will remain in place until the 17th of March, pending an announcement by the company.
In the company’s letter requesting the halt, they say “TTA Holdings Limited requests an immediate trading halt of its securities pending the release of an announcement of a significant transaction involving a potential change of control.”
At this stage, the details of that announcement are unknown but in previous years the distributor has struggled.
In 2015, the company recorded that revenue had decreased from $51.1 million in 2014 to $27.6 million.
Back then, TEAC executives said that the group was finding the Australian market “challenging” and that a weak Australian dollar was driving competitive price competition between major brands a move that was hurting the company.
This rapid decline of 46% resulted in a loss of $5.6 million for the company, which says it has been operating in Australia for 37 years.
More to come.