7th Oct 2014 07:16
LONDON (Alliance News) - Shares in Ultrasis fell 86% early Tuesday after it said it will cancel its AIM listing on the request of a substantial shareholder with whom they have loan facilities, and said Non-Executive Chairman Gerald Malone will depart.
The company has facilities in place with shareholder Paul Bell, of which around GBP700,000 was undrawn at the start of September. Under the terms of the facilities it is able to draw down a maximum of GBP1 million in any rolling 12 month period, and has already reached this limit.
Bell has written to the company saying he is prepared to continue to consider on-going requests for draw-downs over this limit subject to a review of Ultrasis' short- and medium-term working capital requirements, and the cancellation of its trading on AIM.
Malone has resigned with immediate effect, alongside fellow non-executive director, Michael Mills. Chief Executive John Smith will take over the chairman role in the interim, and Ultrasis will look to find a replacement chairman and non-executive director to return their board to an "appropriate" structure.
Shares in Ultrasis are trading down 86% at 0.0895 pence Tuesday morning, the biggest faller on the AIM All-Share index.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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Related Shares:
Ultrasis Plc