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Veritas shares halted pending announcement

Wednesday 14th December 2016

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Veritas Investments, the food and beverage investor under pressure to improve the performance of its businesses, is in a share trading halt ahead of an announcement by the Auckland-based company. 

Veritas shares last traded at 22 cents, and have more than halved this year as the company tries to restore profitability with its Mad Butcher and Nosh supermarket units struggling, leaving the Better Bar Co its only division performing well. 

NZX Regulation said trading in Veritas has been halted "pending the release of an announcement to be made by the company". 

At last month's annual meeting, Veritas said it was on track to meet forecast revenue of between $50 million and $55 million for the year ended June 2017, compared with $56.5 million a year earlier, and underlying net profit after tax in the range of $3 million to $3.6 million, though directors fielded a number of questions from disgruntled shareholders unhappy with the poor performance and slumping share price.

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