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Admission of shares yet they remain suspended?
Upland Resources Limited (LSE: UPL), is pleased to announce the admission of 96,927,000 ordinary shares with no par value to trading on the Standard Segment of the Official List and to trading on the Main Market of the London Stock Exchange following completion of the recently announced fundraise of £3,198,591.
The fundraise was over-subscribed. In particular, one key Malaysian strategic investor has increased their position.
Bolhassan Di, Upland Chairman and CEO commented:
"The level of interest in Upland from new institutional shareholders and from our existing strategic investors illustrates the anticipated value of the Company. This combined with the interest from potential Joint Venture partners gives me and the management team every confidence that our SK334 campaign will be well funded."
Why repeat what we all know ?
I didn't know the FCA reviewed the accounts. I kinda assumed filing would be sufficient.
They'll all be off to the wine bar until 4pm soon.......
Do we know when relisting is planned or are they planning on keeping it suspended indefinitely?
FCA approval determines the date. Last time it was two weeks between issuing of Annual Report and start of trading - with announcement only on the day itself. As UPL said in current rns they had already applied for lifting of suspension, so suspect it might be slightly quicker this time.
Thanks Serif.
How odd. A punishment for missing the deadline!
No punishment here, just due process !
GLA
I only say that because if the deadline had been met the FCA wouldn't suspend to review the accounts, it only happens when the deadline is missed. So, to me, it would seem logical to restore the listing then do whatever they do when accounts are filed on time.
Looking at other examples restoration was the same or following day, so hopefully not long now.....
Upland MCap (£42.19m) on London Stock Exchange website reflects post placing number of shares in issue.
Key Malaysian strategic investor has increased their position through the placing, so we could see a TR1 as a result.
An example of a company being suspended due to audit delay is Asian Energy Impact Trust, this is how restoration went for them:
5 March 2024 - "the Company is now in a position to apply to the FCA for the restoration of the Company's listing and will do so expeditiously."
6 March 2024 - "following the publication on 22 January 2024 of both its annual report and accounts for the period ended 31 December 2022 and its interim report for the period ended 30 June 2023, as well as the publication of the Company's updated key information document on 5 March 2024, the suspension of the listing of the Company's shares has been lifted and trading has been restored with effect from 15:30 today."
The FCA inspected the results AFTER the suspension was lifted, and in the case of the above company they then got suspended again with the following:
1 May 2024 - "AEIT announces that, due to a small number of outstanding points in respect of the Company's preparation of its annual report and audit thereof which, following discussions with the auditor, the Board believes will be resolved within the coming days, the Company has not been able to publish its annual report and accounts for the year ended 31 December 2023 by the required deadline of 30 April 2024 in accordance with the Financial Conduct Authority's Disclosure Guidance and Transparency Rule DTR 4.1.3R. The listing of, and trading in, the Company's ordinary shares was therefore temporarily suspended with effect from 7.30 a.m. today."
They subsequently announced their annual report and accounts, and that second suspension was lifted on the same day.
14 May 2024 - "AEIT announces that, following the publication on 14 May 2024 of its annual report and accounts for the year ended 31 December 2023, the suspension of the listing of the Company's shares has been lifted and trading has been restored with effect from 13:00 today"
So I am thinking restoration of UPL on Monday. I see no reason for any delay.
A very misleading exemplar. For what motive, I can only speculate. Best stay quiet if you are this ignorant.
I find it odd that we've not had the resumption of trading RNS today. I'll just continue looking forward to when it arrives so UPL can get the re-rating it deserves.