7th Apr 2016 16:43
LONDON (Alliance News) - San Leon Energy PLC said Thursday terminated with immediate effect the appointment of its nominated advisor on London's AIM, on the grounds of "breach" by Stockdale Securities Ltd of its agreement with the company.
San Leon said the process of finding a new nomad is "well advanced", as it provided Stockdale with a notice of termination on March 16 and immediately began the process of finding and appointing a new nomad.
San Leon said the termination of contract on Thursday was with immediate effect "on the grounds of breach by Stockdale of its agreement with the company".
Stockdale declined to comment when approached for comment by Alliance News.
Under AIM rules, a company must have a nominated adviser in order to be traded, and as such, if San Leon fails to appoint a replacement nominated adviser within a month of Stockdale's resignation, admission of its shares to AIM will be cancelled. However, San Leon said it was "confident" an appointment will be made "well within that period".
Shares in San Leon are currently suspended from trading.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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