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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Jarlway | LSE:JWY | London | Ordinary Share | GB00B09JC675 | ORD 0.25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.375 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
1 September 2008 Jarlway Holdings PLC ("the Company") Notice of resignation of Nominated Adviser and the Company's intention to delist from AIM The directors of the Company (the "Directors") announce that Nabarro Wells & Co. Limited, the Company's Nominated Adviser for the purposes of the AIM Rules for Companies (the "AIM Rules"), has tendered its resignation as the Company's Nominated Adviser which will take effect from 1 October 2008. In the absence of the appointment of a replacement Nominated Adviser on or before 1 October 2008, the Company's shares will be suspended from trading on AIM in accordance with Rule 1 of the AIM Rules. Under the AIM Rules, if within one month of that suspension, the Company has failed to appoint a replacement Nominated Adviser, the admission of its shares to trading on AIM will be cancelled. The financial situation of the Company has deteriorated significantly during the course of the year. The costs and regulatory burdens associated with retaining the AIM quotation can no longer be justified. The Company is experiencing difficulties with its banks in China such that the annual rolling credit facilities are not being renewed and existing facilities are being called for repayment. The Company is not able to make full repayment. As a result, the executive directors: Mr Wu Zhi Jia, Mr Ng Chi Chor and Mr Xu Yi Chuang who provide personal guarantees over the Company's indebtedness will make repayment on behalf of the Company in order to avoid foreclosure on the Company's assets in China and prevent the Company and its subsidiaries from being unable to trade. Under these circumstances, the Directors believe that all possible measures should be taken to conserve the resources of the Company. Accordingly, the Directors believe that there is no alternative but for the Company's listing on AIM to be cancelled. The Directors therefore expect that the Company's shares will be suspended from trading on AIM on 1 October 2008, and, on 1 November 2008, the AIM listing will be cancelled in accordance with the AIM Rules. The Directors and the majority shareholders regret that the AIM quotation cannot be maintained. Once the cancellation has taken effect the Company's shareholders will no longer be able to effect transactions in the Company's shares `on market' at the `market price'. Following the cancellation, therefore, the Company's shareholders will have to effect any further transactions in the Company's shares `off market' at a price to be agreed between the relevant parties. The Company and the majority shareholder will attempt to match buyers and sellers for the shares to assist any minority shareholder who wants to sell their shares. A further announcement will be made by the Company in due course. Enquiries: Jarlway Holdings plc David Thomas +44 7753 457 931 Ng Chi Chor +86 13316269616 Nominated Adviser Marc Cramsie Nabarro Wells +44 20 7634 4705 End
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