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Mon August 02 2021

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NMCN share trading suspended

30 Jun Share trading in construction contractors NMCN has been suspended after the company was unable to file its accounts in time.

Auditors are still going through the books of NMCN to confirm what it will cost to complete ongoing work and how much money is likely to come in.

NMCN’s accounts were supposed to be published today, 30th June, at the very latest, but they are not ready. The board asked the Financial Conduct Authority, in line with stock market rules, to request a temporary suspension of the company's shares until its 2020 results are published.

As previously reported, a private equity firm called Svella, set up by former Stobart directors is in the process of buying a controlling stake in the company.

The company continues to work with Svella and its advisors to conclude the required documentation to convene a general meeting to seek shareholder approval to complete the refinancing.

Svella chairman Andrew Tinkler said: "We note the technical requirement to suspend trading of the company shares pending publication of its 2020 results. We understand that the company is working with its auditors to close out these historic matters as a priority. Svella continues to work with the company to progress this recapitalisation which will provide the required capital to allow the company to achieve its growth potential."

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