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Traction Technology

  • BY: Andrew Hore |
  • POSTED: 11/06/2008 |

Traction Technology is the latest company that wants to cancel its Aim quotation.

A shareholder meeting will be asked to vote in favour of the cancellation, which is due to take effect from 10 July. It is difficult for the company to raise the cash it needs to continue trading in the current market conditions and the Aim quote takes up time and money.

Last month Traction warned that trading was not going as well as it hoped. There have been delays in developing the hybrid bus technology. Traction doesn’t expect the prototype vehicle will be completed by Optare in 2008.

This is the second time that this company has left Aim in the past two years. As Catalyst New Opportunities it was one of the cash shells thrown off Aim on 3 October 2006. It was readmitted on 21 December 2006 after the Traction business reversed into it. 

The shares dived 1.625p to 0.875p, leaving Traction worth £320,000.

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