Umuthi Healthcare Solutions PLC - South Africa-based technology-led healthcare - Explains reason for suspension of share trading last week for the second time since the company's March initial public offering. The UK Financial Conduct Authority ordered the trading suspension out of "concerns regarding some shareholders who were involved in a share exchange agreement prior to the company's admission to trading, not being able to trade all of their shares," Umuthi says. This was due, in some instances, it says, to "share trading accounts not having been fully activated". Umuthi says it is working with the FCA to "rectify these issues".
The stock first had been suspended from trading by the regulator back in March, only a week after Umuthi's IPO on the London Main Market. The financial services regulator said that Umuthi had published "incorrect information". Umuthi changed auditors, appointing Jeffreys Henry LLP to conduct an audit, which found no changes to be made to the prospectus that Umuthi published in February. Share resumed trading on May 25 only to be suspended again on Thursday last week.
Current stock price: untraded; IPO price was 30.00p, last closing price was 38.00p
By Tom Waite; thomaslwaite@alliancenews.com
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