Hedge fund still targets Corporate Travel

Corporate Travel Management shares have been placed in a trading halt while the firm prepares a response to a new report by the hedge fund targeting the stock.

Corporate Travel Management shares have been placed in a two-day trading halt while the ASX-listed company prepares its response to a second report by the hedge fund targeting the stock.

Shares in Corporate Travel Management (CTD) shares have lost more than 25 per cent since VGI Partners last month raised concerns over its accounting and disclosure.

CTD rebutted VGI's claims but says the hedge fund, which has reportedly increased its short position on the stock, has now prepared another 52-page report.

"It is CTD's initial view that VGI Partners' further report raises no substantive new issues but it is not possible for CTD to fully review the further report or comprehensively respond by the time the market opens today," CTD said in a statement on Tuesday.

"CTD is therefore requesting a trading halt so that the company is able to prepare an appropriate response and ensure the market is kept fully informed."

Brisbane-based CTD, which has expanded through acquisitions since listing in 2010, provides travel advice, ticketing, booking, recommendations and travel management data to corporate and government clients.