Desmond Bloom’s Equable Properties is likely to see its AIM listing cancelled in the new year.
Equable's shares were suspended on 2 July when it revealed a proposed reverse takeover by Irish developer Peter McCann. However, this deal has fallen through, Equable said today.
McCann, who owns Kelford Estates, planned to sell to Equable 37 empty apartments, three shops and an office building, all in Bristol, for £4.5m in shares. He would have ended up with 77% of Equable’s shares.
The rules of AIM stipulate that Equable’s listing will be cancelled if its shares are suspended for more than six months.
To avoid a delisting Equable would have to publish an admission document and its annual results for the year to 31 March.
The results have still not been published and Equable’s shares, therefore, remain suspended.