By Steve Moore | Monday 11 September 2017
Disclosure: I own shares in one or more of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Shares in InterQuest (ITQ) have indeed been suspended after it terminated its nominated adviser and broker relationship with Panmure Gordon. However, following an “Update on nominated adviser and suspension” announcement, is there more hope for shareholders than initially feared?
The announcement noted a 9th September termination of agreement with Panmure Gordon, as “announced on 6 September 2017”. This after that announcement included the company “confirmed at the time, as well as subsequently, that it was confident that a new appointment would be made within the requisite notice period”. Not sure who it ‘confirmed at the time’ or ‘subsequently’ with though - it wasn’t external shareholders! The latest announcement includes;
“The company is actively working to engage a replacement nominated adviser and broker and expects that an appointment of a replacement nominated adviser and broker will be completed within one month of the suspension. Any appointment of a new nominated adviser and broker is subject to the satisfaction of due diligence and therefore, whilst the company does not foresee any circumstances at this stage which would lead the admission of its AIM securities to be cancelled, there can be no guarantee that such due diligence will be completed satisfactorily.”
‘Currently not foreseeing any circumstances which would lead the AIM admission to be cancelled’ looks to offer more hope to shareholders than initially feared. However, I also note the outcome of the prior replacement confidence, that “there can be no guarantee that such due diligence will be completed satisfactorily” and that the expiry of the prior contract was of “which the company will not extend”.
Together with the prior conduct of the executive management here, there’s no great confidence. But there is perhaps more than initially feared. We watch and wait.
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