29th Apr 2014 08:56
LONDON (Alliance News) - Haydale Graphene Industries PLC Tuesday said its directors have "no current intention" of pursuing any legal action against its broker, Hume Capital Securities PLC.
Haydale moved to distance itself from press reports suggesting it was gearing up to take the legal route against fellow AIM-listed Hume Capital after the broker's decision to halt its market-making activities in the short-term on the same day as the graphene company floated just over two weeks ago.
Having raised GBP6.6 million before expenses through a placing of about 3.1 million new shares at 210 pence each with institutional and private client fund managers in its initial public offering, Haydale shares were Tuesday morning quoted at GBP122.85 pence, 42% below the IPO price.
On admission, Haydale had a market capitalisation of GBP23.6 million, but that figure has since fallen to just GBP13.7 million.
Haydale's Tuesday said its directors "note the recent decline in the company's share price and the continuing press speculation concerning possible legal action against Hume Capital Securities."
By Samuel Agini; [email protected]; @samuelagini
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