RE: RNS29 Feb 2024 14:25
GB, when it surged yesterday on nothing , market police would have contacted the company, it is then the companies responsibility to respond, which usually comes in an RNA over the rns news wire, NO KNOWN reason for rise, or a small amplification of what has been said before, as reported we continue to........etc
They did not give a satisfactory answer to Mr Market or an RNA response, so the Market Suspended us, what they gave us this morning was feeble and could have been done yesterday, prior to the Market acting ahead of the company. π
A simple update yesterday would have saved the suspension, until they report in advanced stage, when it is normal for companies to be suspended pending, deal done (takes what it takes) and the submission of the new combined company prospectus and then permission to rejoin the same or other market, aim to main, main lower to upper main premium listing etc.
The final part is commonly 4-5 weeks if all in order, Finances of both/prospectus scrutinised by FCA (2-3 Weeks) then the listed mandatory request to return to trading , 10 working days.
Down to the companies how long it takes to do the deal and sign off, then the final two stages of IPO to return. (4-5 w)
as posted yesterday, some I have been in have been granted waivers, one for conditional overlap of the FCA and Market process (it was put as 18-20 days total - did not happen in 20 days)
Another told it could continue trading until the day the deal signed off, this was on a financial basis, could not do the steps of the deal, without tapping the market for finance along the way, it did suspend day of signing (did not come back quickly either) took them an eternity to get the paperwork passed the FCA , ping ponged back and forth for months.
That was due to the RTO company, having a messy box for accounting, some stuff written on napkins and all sort of π©π©the company itself suffering as a result as its own in good standing with London.