Loss-making firm Atlas African Industries Ltd was today suspended from trading after its nominated advisor (Nomad), Stifel Nicolaus Europe Limited, resigned for undisclosed reasons.
The firm, which is dual-listed on London’s Alternative Investment Market and Nairobi Securities Exchange’s Growth Enterprise Market Segment, said the suspension will continue until it hires a new Nomad.
Among other roles, a Nomad advises its clients on their listing obligations including compliance with the Capital Markets (Securities, Public Offers, Listing and Disclosure) Regulations, 2002.
“If a replacement Nomad is not appointed within one month of today’s date, admission of the company’s shares to trading on AIM will be cancelled,” Atlas said in a statement Monday.
It was not immediately clear whether the suspension also applies to the NSE. A single trade of 300 shares had gone through a few minutes before the NSE circulated the Atlas announcement at 9:40 a.m., according to data vendor Rich Management.
The loss-making firm has had a troubled short history since listing on the Nairobi bourse in December 2014, losing money as it transformed from an oil and gas logistics firm in Kenya to a glass bottle manufacturer in Ethiopia and finally to buying a stake in a Nigerian betting firm.
Its share price, currently at Sh1.05, represents a major rout from the listing offer price of Sh11.5.
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