MoneySwap shares suspended from trading over results delays

MoneySwap announced on Wednesday that it will not be in a position to publish its audited report and accounts for the year to 31 March by 30 September, in accordance with the AIM Rules for Companies.

The AIM-traded firm said it remains in discussions with Hunan Commodities Trading Centre Company Limited (HNCX), over proposals for HNCX to subscribe for $5.4m of new ordinary shares, and hopes to be in a position to update shareholders in the near future.

“However, the additional workload involved in the due diligence process, in addition to year end procedures ahead of a major financing and a reduction in personnel in the finance department, have contributed to the delay in the company being able to produce the audited accounts by 30 September,” the board said in a statement.

“As a result, the company's shares have been suspended from trading on AIM as of 1030 BST today, pursuant to AIM Rule 19.”

The suspension will remain in place until the company's audited report and accounts for the year have been published and posted to shareholders.