World Trade shares suspended for nearly three years

24th Jan 2011 16:12

Fully listed-World Trade Systems, whose shares have been suspended for nearly three years, is still looking for a new business. The UKLA will not allow trading in the shares to recommence until WTS has a trading business. The shares were suspended on 29 January 2008 because WTS had not published its results for the year to September 2007. Last March, WTS brought out its figures for the years to September 2007, September 2008 and September 2009 on the same day. The figures for the year to September 2010 have been published more promptly. The reported loss increased from £75,000 to £96,000. Rent on freehold agricultural land is the only income for the company. The cash outflow from operations was £147,000. Net debt was £543,000 at the end of September 2010. Most of the debt is owed to the ultimate parent company, Kudrow Finance. Since the year end, Kudrow has lent WTS a further £25,000. Unsecured loans plus interest payable total £152,000. These loans were repayable on 31 March 2008 but the lender has not demanded repayment. WTS was involved in the retailing and trading of porcelain, glassware and Accessories but this business was sold in 2001.