nmcn PLC - Sutton-in-Ashfield, England-based construction engineering - 2020 results to be delayed due to ongoing audit, mainly in respect of concluding the determination of contract costs to complete and recognition of recoveries. Results originally were due Wednesday. Shares will be temporarily suspended from trading until annual results published.
"The company continues to work with Svella PLC and its advisors in order to conclude the required documentation to convene a general meeting to seek shareholder approval to complete the refinancing at the earliest opportunity," company says.
Chair Andrew Tinkler adds: "We note the technical requirement to suspend trading of the company shares pending publication of its 2020 results. We understand that the company is working with its auditors to close out these historic matters as a priority. Svella continues to work with the company to progress this recapitalisation which will provide the required capital to allow the company to achieve its growth potential."
Stock price before suspension: 113.60 pence
Year-to-date change: down 55%
By Paul McGowan; paulmcgowan@alliancenews.com
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