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UK: MWB Group Holdings plc has announced the suspension of its listing, and the trading of its shares, on the London Stock Exchange.
The company has been in discussions with its 75 per cent-owned subsidiary, MWB Business Exchange plc, over who is liable for intracompany loans and payments totalling £12.8 million.
MWB said it is due to publish its report and accounts for the year ended 30 June 2012 by no later than today, but “due to the status and nature of the matters referred to above, and following detailed discussions with the group’s auditors, the board has concluded that it will not be in a position to publish its accounts within the required timeframe. Accordingly, the company has requested an immediate suspension of listing and trading of its shares and loan stock”.
“In the event that these matters cannot be resolved satisfactorily, the board expects that the value of the loan stock will be significantly compromised and that there will be no value remaining for existing shareholders. Further announcements will be made in due course,” the company added.
The announcement comes days after Malmaison said it is looking to open new properties in suburban areas.
www.mwb.co.uk
