ZAI Corporate Finance's nomad status removed by LSE, says UKrproduct
(ShareCast News) - UKrproduct said it was informed that the London Stock Exchange had removed ZAI Corporate Finance's nomad status on the basis that it no longer meets the criteria under "Nomad Rule 2 - bullet points 3 and 4".
The criteria, the company said, states that nominated advisers must have acted on at least three relevant transactions during a two-year period as well as employed at least "four qualified executives", with the exchange having taken account of the overall experience of the qualified executives on an individual basis and as a team.
The company also reported that its board was in talks with potential nominated advisers, as the removal of the corporate finance advisory and broking firm will take effect early on 19 October 2017, and hoped to update the market shortly.
Post-removal, the company's shares would be suspended from trading on AIM, pursuant to AIM rule 1, should it fail to appoint a replacement nominated adviser within one month of suspension, by 20 November 2017.
The removal of ZAI Corporate Finance's nomad status was pursuant to rule 11 of the AIM rules for nominated advisers.