Nmcn delays results and suspends share trading

Grant Prior 1 year ago
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Listed civils contractor nmcn is suspending trading in its shares after delaying its latest results announcement.

Results for last year were due to be published by the end of this month.

But the firm confirmed on Tuesday that “the audit is still ongoing mainly in respect of concluding the determination of contract costs to complete and recognition of recoveries.”

It means nmcn will bust the results deadline set by the Financial Conduct Authority and the board has requested a suspension of trading until the results are released.

Nmcn said: “The suspension will take effect from 8.00 a.m. on 29 June 2021 and continue until publication of the 2020 Results. The company’s priority and focus is the production of the 2020 Results at the earliest possible date.”

Last week nmcn announced a £24m refinancing deal with Svella which would see the investment vehicle take a controlling interest in the contractor.

Nmcn added: “The company continues to work with Svella Plc and its advisors in order to conclude the required documentation to convene a general meeting to seek shareholder approval to complete the refinancing at the earliest opportunity.”

Andrew Tinkler, Chairman of Svella Plc, said: “We note the technical requirement to suspend trading of the company shares pending publication of its 2020 results.

“We understand that the company is working with its auditors to close out these historic matters as a priority.

“Svella continues to work with the company to progress this recapitalisation which will provide the required capital to allow the company to achieve its growth potential as set out in the announcement on 21 June 2021.”   

 

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