Kieran Salsone

DJ's shares in trading halt

DAVID Jones has placed its shares in a trading halt pending a vote by its board on a new "strategic plan" for the department store operator.

Shares of David Jones closed on Friday at $2.73. They are up 15 per cent in 2012, almost triple the 5.7 per cent increase for the ASX200 share index, prior to today.

In a statement to the stock exchange today, the company said it sought the trading halt for a maximum of two days ''pending a board meeting tomorrow to consider the company's strategic plan".

The Australian Financial Review today reported that David Jones is likely to confirm speculation of a 50 per cent drop in future credit card earnings ahead of the expiration next year of part of its 10-year agreement with American Express.

That loss would amount to as much as $27 million dollars to David Jones's annual profits from 2013, the AFR reported.

Read more at Brisbanetimes.com.au

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