More woe for Mar City as it is delisted from AIM

TROUBLED Birmingham housebuilder Mar City has been delisted from the Alternative Investment Market (AIM) after failing to appoint a nominated adviser.

Its shares were suspended a month ago pending the appointment.

At that time the firm’s board also confirmed the resignation of its chairman.

Today, in a statement to the London Stock Exchange, Mar City said that AIM rules require that a new nominated adviser is appointed within a month and given the short time available this has not been achieved. As a result its shares have been delisted today.

Mar City said it is working with proposed new board members, including a new chairman and a new nominated adviser in order to significantly strengthen the company’s corporate governance and to support day to day trading operations.  

It stressed that it 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,” it said.

“They are working closely with the company’s other material stakeholders to deliver this objective.”
 
Mar City said 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.

The firm has had a difficult start to the year. The problems began in February when it revealed that full year profits were likely to be significantly below forecasts because of problems with accounting procedures.