Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Hughes Drilling Finalising Share Sale And Purchase Agreement

Hughes Drilling (ASX: HDX) has gone into a trading halt to allow time for its majority held subsidiary to finalise a share sale and purchase agreement.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Thursday 14th March 2013.

Hughes continues to operate and own the largest contract coal sector blast hole rig fleet in Australia, with its market share around 35% to 45%.

The company is undergoing a significant expansion of blast hole rigs in fiscal 2013, with production rig fleet size guidance for 30 June 2013 of 38 to 40 rigs.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.