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Secora

  • BY: Andrew Hore |
  • POSTED: 23/09/2008 |

Secora is switching from Aim to Plus-quoted.

The investment company will need to gain shareholder approval for the move but nominated adviser Brewin Dolphin has resigned so Secora shares have been suspended. That means that Secora will lose its Aim quotation in one month’s time anyway because the company is not looking for a replacement.

The shares were suspended at 7p, valuing Secora at £490,000.

Secora, which used to be known as IP Live, believes that the cost of maintaining a quote on Plus-quoted will be lower than on Aim. It says that it will continue its current strategy. The only stated investment is a 19% stake in fragrance company Miller Harris.

Secora, whose chief executive is Richard Thompson, is talking to Rivington Street Corporate Finance about the latter becoming Secora’s Corporate Adviser on Plus-quoted.

Plus Markets has always made it clear that it would not take every Aim company that applies for its shares to be traded on Plus-quoted.

At the beginning of July, Secora belatedly admitted that it had lent UK fashion retailer Frost French £150,000 back in March. Richard Thompson owns 75.1% of Frostfrench. He personally guaranteed the loan and the interest charged. The loan was supposed to be repaid on 9 June but the repayment date was extended and the loan repaid on 3 July.

Secora should have revealed this investment back in March. It will need to reassure Plus Markets that it will report relevant information when it is required to and that the Frostfrench investment is just a one-off that won’t be repeated.

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