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.
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