Member login | Not a member? Sign up
Surface coatings and chemicals supplier Norman Hay intends to leave Aim because it believes it is a drain on management time.
Hay says it costs £90,000 a year to be quoted on Aim and yet it does not believe it will be able to raise cash by issuing shares. Hay reported a 2009 pre-tax profit of £865,000.
Hay plans to arrange a matched bargain service for shareholders. The company already has the support for the Aim cancelation from shareholders owning 60.5% of the share capital.
Hay transferred to Aim on 10 November 2000. The plan is to leave on 8 September 2010. The company’s website is www.normanhay.com.
At 68.5p a share, down 20p on the day, Hay is valued at £10.2m. Hay paid a total dividend of 4.3p a share for 2009. Net debt was £829,000 at the end of 2009.
In April, Hay has sold 30% of its construction chemicals division TAM International to Normet for £2.4m. Normet has been granted a call option for two years from 31 May 2014 for the remaining TAM shares.
Under the call option, the minimum due for the remainder of Hay’s equity in TAM is £5.1m and the maximum is £14.25m. TAM lost £357,000 in 2009.
© 2023 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds