The market is in selloff mode again on Tuesday with heavy declines being seen across the board.
Fortunately for the shares listed below, they are missing out on today's mini meltdown due to being in trading halts.
Here's why they have been halted:
LandMark White Limited (ASX: LMW)
The shares of this independent valuation and property consultancy company's shares were placed in a trading halt on Monday pending an announcement relating to a new acquisition. This morning the company revealed that it intends to acquire industry peer Taylor Byrne for a total consideration of $10.3 million. This will be payable as $5.15 million in cash and approximately 8.6 million of the company's shares valued at 60 cents each. According to management, the acquisition is expected to allow for revenue growth between the two companies. It also believes the deal to provide material benefit to both sets of shareholders, whilst delivering a platform for further growth in market share.
MGC Pharmaceuticals Ltd (ASX: MXC)
This diversified cannabis company requested a trading halt pending the release of an announcement regarding its Therapeutic Goods Administration (TGA) authorised prescriber application for use of CannEpil in Australia. CannEpil is CBD-based medication that is used as a treatment for people with refractory epilepsy. If the announcement reveals that CannEpil has been approved then it could be great news for the company. Especially given the recent appointment of Assoc. Professor Wendyl D'Souza to the MGC Pharmaceuticals Medical Advisory board. Mr D'Souza is an authorised prescriber of medicinal cannabis and has over 3,000 registered patients with drug resistant epilepsy from currently available anti-epilepsy medications.
ResApp Health Ltd (ASX: RAP)
ResApp Health shares were placed in a trading halt this morning pending the release of an announcement relating to its sleep apnoea clinical study. The digital health company has been running a double-blind, in-laboratory sleep apnoea clinical study with 600 patients in Perth. The study is testing a sound-based algorithm that identifies moderate and severe obstructive sleep apnoea using a smartphone placed on a bedside table. Management believes there is "a large clinical need for reducing the number of people with undiagnosed sleep apnoea and a scalable, accurate and easy to use smartphone-based screening test could significantly improve the health of a large portion of the adult population." All eyes will be on these results when they are announced in the coming days.
