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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bristol&Ldn | LSE:BTL | London | Ordinary Share | GB0033589663 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 14.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3951E Bristol & London PLC 24 September 2007 Bristol & London plc ("Bristol and London" or the Company") Intention to cancel AIM quotation The difficult trading conditions mentioned in the last annual report have continued into the first half of the current year. In the annual statement it mentioned the fact that Bristol & London had incurred substantial costs in increasing the number of exotic vehicles in our fleet such as Aston Martin, Rolls Royce, Bentley, Ferrari and Lamborghini in anticipation of a significant level of new business with a major UK motor insurance company. Despite initial revenues being below expectations, the board was confident that this arrangement would eventually generate significant income. However a formal contract did not materialise and it became apparent that this business was not going to grow as anticipated. In order to reduce costs, the decision was made to dispose of a number of these vehicles, which had been considerably under-utilised, resulting in continuing losses. This decision was vindicated when in July, we were informed that the arrangement to supply exotic vehicles would be terminated with effect from April 2008. In view of the position that the Company now finds itself in, the Directors are of the opinion, following consultation with our advisers that it would be in the Company's best interest for it to cancel the AIM quotation and to offer existing shareholders the opportunity to sell their shares back to the Company. The share buy back will be subject to shareholder approval and is expected to be conducted at a price per share which is the average mid-market price per share for the three months prior to the date of the circular. The circular outlining the detailed proposals is currently being prepared and will be posted to shareholders shortly. The background to the proposal is the substantial reduction in the price at which the Company's shares have been trading on AIM, which has occurred since the announcement in August 2006 that the company's profits for the year ended January 2007 would not reach market expectations. Since that announcement, there have been further announcements concerning difficulties which the Company has encountered, including the failure to enter into arrangements with the major UK insurance company outlined above. The Board has formed the view that the market has lost confidence in the Company and that, accordingly, any recovery which may occur in the Company's financial performance is unlikely to be properly reflected in the price at which the Company's shares trade on AIM. The market in the Company's shares is illiquid and the Company's share price has fallen to an all time low of 8.5p. Additionally, The Board has reached the conclusion that the advantages which attach to the facility to trade the Company's shares on AIM do not outweigh the costs and other disadvantages. The Board are confident that the prospects for the Company remain strong and believe that the business will have greater opportunity in the longer term to develop and expand away from a publicly quoted environment. For further information, please contact: Bristol & London plc Bob Woods, Chairman Tel: + 44 (0)1275 841111 Hanson Westhouse Limited Tim Metcalfe/ Richard Baty Tel: 020 7601 6100 This information is provided by RNS The company news service from the London Stock Exchange END MSCEAKNLASXXEFE
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