9th May 2014 14:51
LONDON (Alliance News) - Metro Baltic Horizons PLC Friday said that its shares will be suspended from trading on AIM as of July 15, as it has failed to make any acquisitions or implement its investing policy.
After the company completed the disposal of its remaining property assets, the company had 12 months to make an acquisition or acquisitions which constitute a reverse takeover under the AIM rules, or otherwise implement its current investing policy, or its shares would be suspended from trading on AIM.
Metro Baltic Horizons said Friday that as it has so far not made any acquisitions within that time, and its shares will now be suspended from trading with effect from July 15.
"The company's board of directors, in conjunction with its professional advisers, is considering proposals to be put to shareholders relating to a potential distribution and the continued listing of the company's shares," the firm said in a statement Friday.
Metro Baltic Horizons said it intends to put proposals to shareholders at a general meeting to be called and held in advance of the proposed suspension.
The company said that after disposing of its remaining property assets, it has been focused on the pursuit of litigation against its former board and advisers, rather than implementing its investing policy.
Earlier this week, Metro Baltic Horizons said it had reached a settlement with its former auditors Ernst & Young LLC, and it will receive GBP425,000 from the settlement agreement.
Ernst & Young Isle of Man issued proceedings against Metro Baltic Horizons back in July 2012 in the High Court of Justice of the Isle of Man, and Metro Baltic Horizons then counter-claimed the proceedings.
The company said that by entering into the settlement agreement, neither E&Y Isle of Man nor the company have admitted liability or wrongdoing.
Back in March, Metro Baltic Horizons said it had reached a settlement with former company directors, and will receive GBP2.5 million.
Shares in the company were trading 7.2% lower Friday afternoon, at 19.03 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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