11th Sep 2015 11:58
LONDON (Alliance News) - Logistics company China Chaintek United Co Ltd on Friday confirmed that ZAI Corporate Finance Ltd, its nominated adviser and broker, has resigned with immediate effect, throwing the company into a race against time to avoid the cancellation of its shares from trading on London's AIM.
The company did not provide any further information on the nomad's departure.
Earlier, the stock exchange said the company's shares had been suspended from trading under AIM Rule 1, which states that a company must have a nomad at all times. China Chaintek now has one month two appoint a new nomad or face cancellation.
Nomads are there to advise and guide AIM companies, playing a central role in their admission on the junior market, and acting as their regulators.
Shares in the company had been down 6.3% to 15.00 pence prior to the suspension.
By Sam Unsted; [email protected]; @SamUAtAlliance
By Samuel Agini; [email protected]; @samuelagini
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