After months of waiting and speculation, 38 cash shells were suspended from
AIM this morning after missing the deadline to do a deal. Just a few weeks ago,
as many as 50 shells still needed to complete deals.
The total combined market cap of the shells was approximately £54m, the
average size of a single AIM company.
A London Stock Exchange spokesman, however, added that the shells had
experienced frenetic trading from the middle of last week as shareholders
attempted to trade out of the stocks as the 1 April 2005 deadline approached.
The shells that were suspended this morning still have six months to do a
deal before being forced to leave the market for good.
The deadline imposed by AIM was aimed at cleaning up the number of shells
that had raised £3m or less and were simply sitting on the market without
investing their funds. From now on, a cash shell with have to raise more than
£3m to gain admission to AIM.
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