22nd Apr 2014 07:21
LONDON (Alliance News) - Haydale Graphene Industries PLC, one of the newest listings on London's AIM market, is considering taking legal action following its broker's decision to pull out of market-making activity on the day of its flotation, according to a report from The Telegraph.
Hume Capital Securities PLC, also an AIM-listed company, made the highly unusual decision to "temporarily" drop all of its market-making activities on the day of Haydale's listing, the newspaper reported.
Haydale Graphene raised GBP6.6 million in its initial public offering by placing 3.1 million shares at 210 pence each. However, the shares dropped more than 8.5% on their first day of trading, last Monday.
Hume made more than GBP300,000 from the Haydale float, but the first day of trading was disrupted by the decision to stop market-making, the newspaper said.
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10778467/Graphene-firm-may-sue-broker-after-Aim-listing.html
Early Tuesday, Haydale shares were down 0.6% at 179.00 pence, while Hume Capital shares were down 6.1% at 0.23 pence.
By Jon Darby; [email protected]; @jondarby100
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