News blog
Inveresk
- BY: Andrew Hore |
- POSTED: 29/12/2009 |
Paper maker Inveresk is leaving Aim because it has failed to produce its 2008 accounts due to litigation relating to a past disposal.
Inveresk says that Tullis Russell Papermakers owes it additional consideration and Tullis Russell has brought additional litigation.
The outcome of the Appeal Court judgement against Tullis Russell was described as “highly positive” by Inveresk. Tullis Russell took nearly three months to say it was referring the case to the Supreme Court. A hearing is scheduled for 1st and 2nd March 2010. The decision is material to the 2008 accounts.
The additional litigation by Tullis Russell will continue in May 2010 and should be completed by the end of the year.
The shares were suspended at 1.5p a share on 29 June 2009 so the six months of allowable suspension time are up on 30 December 2009. Inveresk was valued at £2.13m at the suspension price
Trading is in line with expectations. Strategic land development will be an important part of future strategy.
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