Quickflix in share trading halt amid potential acquisition
August 3, 2015
By Colin Mann
Australian entertainment streaming service Quickflix has requested that the Australian Securities Exchange (ASX) allow it to remain in a trading halt as it continues negotiations regarding a “potential corporate transaction with an international party which may result in an acquisition”.
In its request to the ASX, Quickflix says is expected that the voluntary suspension will be lifted on or before Wednesday, 5 August 2015.
The trading halt follows the company’s latest quarterly report issued July 31st which revealed the number of Quickflix subscribers had declined on both a quarterly and year-on-year basis, blaming “pent-up demand for Netflix in particular”.
In May 2015, Presto, which is operated by Foxtel, announced it had entered a deal with Quickflix to offer its streaming content on the Quickflix platform.