The London Stock Exchange (LSE) has announced this morning that trading of shares in troubled AT Comms Group has been temporarily suspended.
The statement said:
TEMPORARY SUSPENSION OF TRADING ON AIM
AT COMMUNICATIONS GROUP PLC
At the request of the company trading on AIM for the under-mentioned securities has been temporarily suspended from 24/06/2009 7:56am pending clarification of the Company’s financial position.
In another statement listed on the LSE AT Comms said:
Suspension of Shares
On 24 March 2009, the Company announced the disposal (the “Disposal”) of its wholly owned subsidiary, Rocom Limited (“Rocom”) to Nimans Holdings Limited (“Nimans”). The Company announces that it has received notice of a possible claim from Nimans under the warranties in the sale and purchase agreement relating to the Disposal, together with a notice of a proposed purchase price adjustment under the completion accounts mechanism in the sale and purchase agreement. The Board is seeking advice as to the merits of the warranty claim and the proposed completion accounts adjustment, which in aggregate amount to £3.62 million.
As announced on 1 June, the Company will not receive cash from a major customer on the time schedule originally expected. Taking these developments together, and following discussions with its Bank, ATC announces that it has requested a suspension, with immediate effect, of trading of its shares on AIM, pending clarification of the Company’s financial position.
A further announcement will be made as soon as possible.