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Tolent

  • BY: Andrew Hore |
  • POSTED: 15/01/2010 |

Construction company Tolent plans to leave AIM because of the costs and management time , as well as commercial disadvantages, of being quoted.

The share price halved to 18.5p a share, valuing Tolent at £2.37m.

Tolent says that it is not enjoying any of the benefits of a quotation so it is not worth staying on Aim. Management believes that it would be difficult to raise cash even if it tried. It also says that the need to provide trading updates is “commercially disadvantageous in the current climate”. Tolent argues that “it is not difficult for customers to identify the impact that their contract is having on the company’s results and to use that to their commercial advantage”.

Tolent was demerged from Aim-quoted Billington Holdings (then known as AMCO Corporation) in 1999. Trading in the shares is limited. Gutenga Investments PCC and Tarom Anstalt own 70.57% of the company between them.

Brewin Dolphin will set up a matched bargain facility for the shares.

Tolent’s revenues slumped from £85.1m to £49.8m in the six months to June 2009. The profit fell by 90% to £110,000. There was no dividend.

The net asset value was £11.7m at the end of June 2009 – five times the current market value of the shares. Net cash was £5.07m.

The cancelation is expected on 16 February.

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