1st Oct 2013 09:36
LONDON (Alliance News) - MS International PLC said its share value dropped 11% after it announced that its revenue for the first-half year and the full-year would be less than the previous year, its pretax profits to be less than last year, and its intention to move from the main market to AIM Tuesday.
The speciality engineering products company warned that the global defence sector continued to suffer from budget constraints and uncertainties. The delay in new business prospects meant that the company expects its revenue for the full year to be less than the previous year, and pretax profits to be similarly affected.
Shares in MS International were trading down 11% at 182.50 pence Tuesday morning.
In a statement, the company said it would seek shareholder approval to cancel its shares from the premium segment of the Official list and detail its intention to apply for admission to trading on AIM. MS International said the move to AIM would provide a more suitable market that would simplify the administrative and regulatory requirements of the company and would offer greater flexbility in corporate transactions.
Additionally, it suggested that as companies trading on AIM are deemed to be unlisted for the purposes of certain areas of UK taxation, shareholders may be eligible for certain inheritance tax benefits after two years.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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