No results means AIM suspensions

1st Oct 2010 12:42

Four AIM companies have been hit by share suspensions because they have not released their interim figures or accounts on time. Thre of the companies were suspended this morning and the other was suspended int he middle of September when it admitted that its accounts would not be ready. Two of the companies have not published interims and the other two have not sent out their accounts. At the same time last year there were four companies who failed to publish interims and three that had not published accounts. AIM companies that have a December year end have until the end of September to report their interim figures to June. If full year accounts are not published within six months, then the shares will also be suspended. In this case it is accounts for the year to March 2010. Every year there are a number of companies that fall foul of this rule. Film library owner Handmade was a repeat offender when it came to failing to report results in the requisite time period but it has been taken over. Metals Exploration says interims have not been published "as a result of uncertainty over the company's future funding position". Multi-millionaire property developer Christian Candy's investment vehicle Solomon Capital has made a mandatory bid of 13p a share and already holds 64.16% of the company. Solomon Capital intends to cancel Metals Exploration's AIM quotation as soon as it gains control over 75% of the company. Metals Exploration is trying to develop a mine at the Runruno project in the Philippines. However, some Metals Exploration shareholders have complained to the Takeover Panel that there was a concert party including Solomon and Reef Securities. If this is deemed to be true Solomon may have to increase its bid. Film distributor Works Media is other company not to produce interims. Previously it has published results near to the deadline but it has been getting closer each time. The 2009 accounts were published on the last day possible. Mirada has not been able to send its accounts to shareholders but it says that it is "undertaking the required steps with its auditors" to get this done. The interactive media company is another example of a company that has released its previous couple of sets of figures just in time to prevent a share suspension. US-focused Oil and gas producer TXO asked for its shares to be suspended on 13 September because it knew that it would not publish its accounts for the year to March 2010 before the end of the month. The company's year end has been changed to September and TXO says that its shares will not return from suspension until the accounts for the 18 months to September 2010 are published.