29th Jan 2016 16:56
LONDON (Alliance News) - Auhua Clean Energy PLC on Friday said its nominated adviser Grant Thornton UK LLP will resign effective from February 29, but said it was in talks to appoint an alternative nomad.
The AIM-listed environmental technology group didn't give a reason for Grant Thornton's resignation but said discussions were underway with an unnamed alternative with a view to making an appointment by the end of February.
As per AIM rules, trading in Auhua shares would be suspended were the company to not find a replacement by the time Grant Thornton resigns. If the company then failed to appoint a replacement by March 29, the admission of its AIM securities would be cancelled.
Grant Thornton was appointed as the company's nominated adviser, offering advice and guidance to the AIM company, in July 2013, and was the company's second nomad, after Northland Capital Partners Ltd.
Auhua shares were untraded on Friday, having last traded at 1.40 pence.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.