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iCollege Ltd (ASX:ICT) shares have tumbled 53% this morning to $0.007, after the company revealed legal proceedings have been commenced against it and the Management Institute of Australia Group of Companies in the Supreme Court of New South Wales.
iCollege (ASX:ICT) has signed a binding term sheet for the proposed acquisition of Lara Group, the largest support services company to the early years sector (i.e. ages 0 to 6) in the UK.
iCollege Ltd (ASX:ICT) has been granted a trading halt by the ASX today, with its shares placed in pre-open. The company requested the halt pending capital raising details. The halt will remain in place until the earlier of the opening of trade on Thursday 26th May 2016, or an announcement being made to the market.