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PaperlinX requests share trading extension

Editorial
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Paper merchant PaperlinX has asked the Australian Stock Exchange to extend the voluntary suspension of its shares from trading.

The company said in a statement it is still assessing what impact the placement of its UK companies into voluntary administration will have on its other European operations. It wants to suspend trading until 16 April or until a further announcement.

The company said it is considering the potential sale of its Benelux operations. It isn’t expecting to benefit from a sale or realisation of Benelux or any other European business.

But it said the sale proceeds or realisation are expected to benefit other European stakeholders.

PaperlinX placed its UK businesses into voluntary administration last week. At that time, the company said the decision was prompted by the continued lower demand for paper and decline in margins in the United Kingdom, the difficulty in restructuring substantial legacy pension liabilities, and the withdrawal of credit insurance.

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