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Cardinal Resources

  • BY: Andrew Hore |
  • POSTED: 26/11/2007 |

Cardinal Resources has failed to find a replacement for its nominated adviser and its Aim quotation was cancelled on 26 November. 

Nabarro Wells resigned on 24 October and Cardinal, which is in the process of selling its main Ukrainian oil and gas assets, didn’t find a replacement in time. It plans to come back to Aim or float on another market in the future.

An EGM is planned for 30 November to reorganise the company’s capital structure. The current nominal value of the shares is 20p compared with the 7.25p a share suspension price. The change in structure will leave the shares with a nominal value of 1p making it easier to raise cash. 

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