Quickflix halts trading ahead of acquisition

Quickflix halts trading ahead of acquisition

Comes as subscriber base drops 14 per cent in the last quarter

Competition in the streaming video-on-demand space could intensify further as Quickflix enters a trading halt pending an acquisition.

The release issued to investors cited a ‘potential corporate transaction’ behind the suspension in trading.

The directors of Quickflix request a voluntary suspension of trading….regarding a potential corporate transaction with an international party which may result in an acquisition.

The Perth-based company's share price was halted at 0.002.

The release does not reveal if Quickflix is expanding or if it is being acquired. The company, which has a market capitalisation of $2.3 million, has a cash reserve of $900,000.

Free trial periods offered by its rivals impacted Quickflix’s customer base. According to the quarterly update issued to shareholders, its subscriber base dropped 14 per cent to 121,127 in the quarter ending June 2015.

Quickflix is expected to reveal its announcement and resume trading by 5 August, 2015.

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