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AT Communications

  • BY: Andrew Hore |
  • POSTED: 24/06/2009 |

Trading in shares in AT Communications has been suspended because of warranty demands by the purchaser of Rocom.

There are also delays in receiving payment from a large customer. That work is worth 6m. AT has asked for the suspension so it can clarify its financial position. It has discussed the situation with its bank.

The distribution business was sold to Nimans for 12.5m in March 2009. However, AT had to put additional working capital into the business prior to its sale. Analysts had hoped that AT would raise more from the sale. Nimans was due to pay the final 500,000 of the consideration on 23 March 2010.

Nimans is claiming 3.62m for warranty claims and adjustments to the completion accounts.

At 3.875p a share, AT is valued at 2.99m.

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