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LibertyOne trading suspended

By Phil Boeyen, ShareChat Business News Editor

Friday 1st September 2000

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Shares in Australian tech company, LibertyOne, have been suspended from trading at the company's request, pending an announcement later today.

The company has told the ASX that it is in the final stages of preparing an announcement to the market regarding the results of its review of investments and operations.

Last week LibertyOne warned the market that its half-year result will be much worse than last year.

It said the market correction for technology-related securities has had an adverse impact on the value and current business plans adopted for a number of its investments.

On top of this the company said it would be writing off A$12.8 million following the liquidation early this month of Hong Kong based Chinese Books Cyberstore Limited. LibertyOne had a 25% stake in the venture, which it paid for with LIB stock.

A lawyer representing the company says it is not expected that the trading halt will continue beyond close of trading today.

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