TIL Logistics Group Limited (TLL) has requested a trading halt on the New Zealand stock exchange as major shareholders gear up for a significant sale.
The notification comes as shareholders Bowker Holdings 99 Limited and Kern Group (Logistics) Pty Limited intend to sell up to 12 million ordinary shares in the company.
Bowker Holdings and Kern Group have advised TLL that they intend to undertake the sale by way of a bookbuild managed by Woodward Partners. The bookbuild will not be underwritten.
Bowker Holdings and Kern Group have requested that TLL seek a trading halt until they confirm the extent of the sale.
Bowker Holdings owns around 81.37% of the ordinary shares in TLL and Kern Group holds around 6.76%.
TIL operates a nationwide network of branches, depots and warehouses, with a team of over 1700 employees and contractors.
The company owns a fleet of around 2,300 trucks, trailers, forklifts and light vehicles.
It also operates one of the largest petroleum product dangerous goods (DG) road tanker fleets in the country.
Hooker Pacific and Roadstar are among its well-known freight carriers.
TIL Logistics ‘s shares closed at $1.66 on Friday.
