News blog
Nordic Panorama
- BY: Andrew Hore |
- POSTED: 04/07/2008 |
Nordic Panorama plans to cancel its Aim quotation.
The shares slumped 0.075p to 0.43p on the news, valuing the Norwegian ski resort operator at £3.49m.
Nordic, which also sells and rents chalets at the resort, believes that the market doesn’t appreciate its business. The shares have lost more than four-fifths of their value over the past year. There is limited liquidity in the shares because two shareholders own 87.4%.
Nordic has had a number of guises in its two decades as a quoted company. It started out as royal jelly supplier Regina before changing its name to Maisha and switching from the Main Market to Aim on 26 August 2003 at a transfer price of 2.75p. It briefly acquired a technology business. That purchase didn’t prove to be a good deal and it was unwound. The cash shell acquired the current businesses on 5 January 2007 for £19m in shares – based on a share price of 2.38p.
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