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Ambrian Capital
- BY: Andrew Hore |
- POSTED: 01/09/2008 |
- COMMENTS: Add yours
Nabarro Wells, which was bought by Ambrian Capital earlier this year, appears to be clearing out its client list.
It has given notice to four of its clients today – Addworth, Crescent Hydropolis, Arko Holdings and Jarlway. All four have been given one months notice so the resignation will take place on 30 September and the shares will be suspended on 1 October if no replacement is found by then.
Investment company Addworth and China-based logistics and power plant operator Arko are already talking to potential replacements. Underwater resort hotels developer Crescent Hydropolis, whose shares returned from suspension at 1pm on 29 August after it published its delayed figure for 2007, is looking for a replacement.
Cement pumping equipment manufacturer Jarlway is not going to look for a new nominated adviser. It has run into financial difficulties because its banks are demanding repayment of loans and it is being bailed out by its executive directors and majority shareholders. They don’t believe that it is worth retaining the Aim quotation when the business is trying to pare back its costs. The quotation should be cancelled on 1 November.
Addworth shares fell 0.13p to 1p, valuing the company at £1.47m.
Arko shares fell 0.05p to 0.2p, which values the company at £3.96m.
Crescent Hydropolis shares fell from 7.25p to 4.5p when they returned from suspension on 29 August but were unchanged after the news of Nabarro Wells’ resignation. The bid-offer spread is 3p-6p. That values the company at £4.87m.
Unsurprisingly, Jarlway shares dived 2.375p to 1.25p, which values the company at £310,000.
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