Minmet plc (“Minmet” or the “Company”), has today been publicly censured for breaches of the AIM Rules between October 2006 and January 2008 (“the Relevant Period”).
The censure concerns breaches of the AIM Rules in connection with various transactions during the Relevant Period, in respect of which Minmet failed to:
- release announcements without delay regarding a reverse takeover and certain substantial and/or related party transactions;
- include material information in certain announcements when made;
- comply with the requirements of the AIM Rules concerning reverse takeovers, including (but not limited to) seeking shareholder consent for the transaction; and
- liaise appropriately with its nomad.
Martin Graham, Head of AIM, said:
“Today’s public censure adds to our strong track record of enforcing the AIM rules, which require high quality disclosure standards that meet the needs of both investors and smaller, growing companies. If companies fall short of those standards, we will take appropriate action.”
In determining the appropriate sanction against the Company the London Stock Exchange took into account the various factors set out in the censure, including the fact that the number, nature and duration of the breaches over a prolonged period demonstrate a disregard for the AIM Rules and amount to reckless conduct during the Relevant Period. However, in light of the announced financial position of the Company, the Exchange has not, in this instance, sought the imposition of a fine.
The cancellation of Minmet’s shares from trading on AIM, announced separately this morning, is unrelated to the public censure announced by the Exchange.
