Mar City Share Discussion Threads

[the shuffle man] 21/5/2015 13:43

Although he left the board I still think Henderson still have a substantial holding along with Schroders and Helium. Before the price collapsed the company had a market cap in excess of £100m so not a small company. When they come back the company should be a lot stronger.

[a2584728] 21/5/2015 11:26

Like who? The one left the board after the January debacle

[the shuffle man] 21/5/2015 10:25

I believe them. There are some large and well respected institutional shareholders on board that will get this sorted.

[the shuffle man] 21/5/2015 09:14

They will come back, just couldn't get everything sorted within the month.

RNS Number : 8538N

Mar City PLC

21 May 2015






21 May 2015



Mar City PLC

('Mar City', the 'Group' or the 'Company')



Update



Mar City (AIM: MAR.L), the London/South East and Midlands focused housebuilder, announced on 20 April 2015 that its shares had been suspended from AIM. This followed the timing of the resignation of its Nominated Adviser. The AIM Rules require that a new Nominated Adviser is appointed within a month and given the short time available this has not been achieved and as a result the shares have been delisted today.



The Company is working with proposed new Board members, including inter alia a new Chairman and a new Nominated Adviser in order to significantly strengthen the Company's corporate governance and to support Tony Ryan with the day-to-day trading operations. The Company continues to operate in a strong housing market and is completing some exciting projects including its modular homes in Colindale, North London.



Notwithstanding that the shares have been delisted from AIM, the Board and the Company's majority shareholders are wholly committed to achieving a relisting of the business as soon as possible. They are working closely with the Company's other material stakeholders to deliver this objective.



It is expected that the new Board appointments will be made at the same time as a relisting which should occur at or shortly after the publication of the Company's audited accounts to 31 December 2014. It is expected that a circular will be posted at the same time in respect of the related party transaction covering the proposed property acquisitions, as set out in the 20 February 2015 announcement.



Ends.




Enquiries:

www.marcityplc.com









Gable Communications Limited

John Bick

[e-mail]

[phone]

[a2584728] 21/5/2015 08:12

The directors owners should hang their heads in shame

[a2584728] 21/5/2015 07:17

Appalling, I hope the AIM team are proud of themselves for allowing this to get this far.

[someuwin] 21/5/2015 07:07

21 May 2015

NOTICE

21/05/2015 7:00am

NOTICE OF CANCELLATION OF ADMISSION TO TRADING ON AIM

Mar City Plc

Trading on AIM for the under-mentioned securities has been cancelled from 21/05/2015, 7:00am pursuant to AIM Rule 1.

ORDINARY SHARES OF 2.5P EACH, FULLY PAID (BH2RFN5)(GB00BH2RFN56)

If you have any queries or require further information, please contact AIM Regulation on 020 7797 4154.

This information is provided by RNS

[a2584728] 15/5/2015 10:00

I don't think they know whether or not they will make the deadline, losing all confidence that ever existed.

[the shuffle man] 14/5/2015 17:23

I think they will make the deadline so don't worry Joe, but if they don't you end up holding shares in a private company and they would probably operate a matching service with a broker to match up any potential buyers and sellers. Not great as there is no liquidity on volume and price.

[joe_satriani2] 14/5/2015 17:13

Its getting close... what does delisting mean to shareholders when a company hasn't gone bankrupt?

[a2584728] 13/5/2015 21:02

Well, will they make the deadline or forsake the listing, they are looking for new finance execs in the limited company I understand.

[a2584728] 07/5/2015 14:19

they have a month.

[david77] 07/5/2015 07:52

Yes there is - if they don't pull their fingers out, the share will get delisted :-(

What happened about the £10 million that the Ryans were going to borrow from HSBC? If they did get the money, then I expect HSBC to be involved with negotiations.

[a2584728] 07/5/2015 07:17

Isn't there a limit on share suspension?

[a2584728] 05/5/2015 09:57

it does make you wonder what the hell has been going on behind the scenes for it to take so long.

[david77] 05/5/2015 09:39

I agree - disappointing to see no RNS today

[a2584728] 05/5/2015 09:27

Well this delay really is quite frustrating and surely unnecessary if the executive team know their business?????

[football] 01/5/2015 14:29

you want to get a TV then

[a2584728] 01/5/2015 14:17

Radio silence is so frustrating.

[a2584728] 29/4/2015 09:57

I think they would have to de-list if a NOMAD was not in place, however it should be a formality to appoint someone for a fire sale, again however, if they want to carry on the business they will need a credible NOMAD and to get one they will need convincing that all is right .

[lbo] 28/4/2015 20:45

Ryan running out of time to shore up the board at Mar CityAfter a profit warning and the loss of a director the company risks being expelled from Aim

[grahamburn] 28/4/2015 19:42

Interesting thought re: your hope, david77......

Can a listed company be taken over without a NOMAD in situ?

Sure if that is a requirement (no idea what the small print of the rules state), then a NOMAD might be easier to find, though in such circumstances any "price" might be towards the bottom end of expectations.

A much better outcome (for existing shareholders) would be to resolve the transfer of assets and clarify the financial issues between the public and private companies, and then trade out of the situation with reconstituted and effective board and a supportive NOMAD.

[david77] 28/4/2015 19:32

It's only just over a week - a bit early to be panicking yet. As long as this is still true "The Company's operations continue to perform in line with management expectations." then I won't lose sleep just yet.

I would guess/hope that the assets are more than the recent share price, so if all else fails, then they are a takeover candidate. Fortunately the housing market is buoyant so I am optimistic about the eventual outcome.