(Alliance News) - nmcn PLC on Friday said it has applied to transfer its listing to the standard segment of the London Stock Exchange from the premium segment, part of a structural and financial overhaul as it looks to get its trading suspension lifted.
"After taking into consideration the size of the company, its shareholder base and its strategy...the additional requirements imposed by maintaining a premium listing are no longer in the best interests of the company," the Sutton-in-Ashfield, Nottinghamshire-based engineering and construction firm said.
While nmcn works to publish 2020 results and complete a refinancing, equity subscribers and the company's bank, Lloyds Banking Group PLC, have extended commitments to the company.
Investors including Svella PLC agreed in June to subscribe for GBP14.0 million in shares and provide a GBP10 million bridging loan. The funding is dependent on nmcn publishing a prospectus and convening a general meeting by November 1.
Meanwhile, Lloyds has agreed to extend a GBP11.8 million overdraft to November 5, to enable the prospectus to be published and the refinancing to be completed.
The prospectus cannot be published until nmcn publishes its results. The company said it is continuing to work towards releasing its 2020 results, as well as results for the first half of 2021. Last month, it said the results would be released on September 27, but this time it hasn't given a date.
There is no certainty that the prospectus will be published by November 1 as there is substantial work to be done still to audit the results, the company added.
Shares in nmcn have been suspended since June 29.
By Ivan Edwards; ivanedwards@alliancenews.com
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