Manganese Bronze begins trading on AIM

SHARE trading in London taxi manufacturer Manganese Bronze transferred to the Alternative Investment Market today.

The announcement of the Coventry firm’s switch from the official list to AIM was announced by the London Stock Exchange this morning.

Manganese Bronze shareholders gave their consent for the move to AIM at last month’s AGM.

The company has said the move to AIM is in its best long-term interests.

The group has endured a tough period over the last 12 months with sales of its vehicle dipping, although there have been signs of a recent improvement.

Nevertheless, it has warned shareholders that trading is likely to remain tough for the remainder of the year and as such, it is unlikely to make a profit.

The company will also cease production at its Coventry factory later this year, switching to an assembly operation with parts shipped in from its joint venture with Geely in China. The move has led to the loss of 60 jobs.

A share placing with Geely has been approved, a move that will see the Chinese firm become MBH’s major shareholder.

The link-up will also give MBH access to Asian markets, where major growth opportunities are available.

A saloon version of the iconic vehicle is also in development and is set to go on sale in China shortly.