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Hurlingham
- BY: Andrew Hore |
- POSTED: 07/03/2009 |
Cash shell Hurlingham says that it will not make an acquisition before the deadline on 31 March 2009.
That means that the shares will be suspended on that day.
Hurlingham believes that it will be able to find an acquisition before the six month suspension period ends. If it does not then the Aim quotation will be cancelled.
Hurlingham has not said that it is seeking an acquisition in any particular sector.
Shares in Hurlingham fell by one-fifth to 44p each, which values Hurlingham at £1.28m. Pro-forma net assets were 63p a share at the end of March 2008. Management says that the NAV is still similar to that figure.
A mistake by the board meant that the A shares were not cancelled at the end of March 2008 because there were no distributable reserves. Another general meeting will be held in order to rectify this situation. This will cost around £30,000.
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