McColl’s expects shares to be suspended

McColl’s Retail Group announced on Tuesday it expects to request that its shares be temporarily suspended from June 1 after confirming “it will not be in a position to publish its annual report for the year ended 28 November 2021 by the end of May 2022, as originally intended.”

McColl’s shares have fallen about 97% over the past 12 months and the group now has a stock market value of only £2.5 million.

McColl’s has over 1,100 convenience stores and newsagents. It operates McColl’s and Morrisons Daily branded convenience stores as well as newsagents branded Martin’s across the UK, except in Scotland where it operates under its heritage brand, RS McColl.

“The delay reflects the need for a conclusion to discussions with key stakeholders around a potential financing solution for the business, in order to finalise the company’s FY21 audited financial statements,” said McColl’s.

“As these discussions remain ongoing, the board has concluded there is now insufficient time in order to meet the current deadline for filing these results under the Listing Rules.

“As the end of May is the latest time permitted for publication of the FY21 Results under the Financial Conduct Authority’s (the FCA) Disclosure Guidance and Transparency Rules and the FCA’s Listing Rules, the company is expecting, following consultation with the FCA in due course, to request that the listing of the Company’s ordinary shares of 1 pence each be temporarily suspended with effect from 7:30am on 1st June 2022.

“Further announcements will be made as and when appropriate.”

About the Author

Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.