COUNTYGLEN has been given until October 25th to demonstrate that it has a suitable business for a share listing on the Irish Stock Exchange.
The shares will remain suspended and the listing will be cancelled if it cannot show it owns a suitable business, according to a statement from the exchange.
CountyGlen will also have to publish listing particulars which demonstrate that it is in compliance with all other listing requirements, including the appointment of a sponsoring broker. In addition, CountyGlen will have to convene a meeting to seek shareholder approval of the acquisition of such a business.
Earlier this month, after agreeing a £1.2 million settlement of court actions against three parties, CountyGlen said it would concentrate on trying to identify a suitable acquisition.
The actions were against Mr John Carway, Anglo Irish Bank and CountyGlen's former solicitors. Mr Carway has said that he made no contribution to the settlement.
CountyGlen needs an acquisition to lift the three and a half year suspension of trading in its shares. Mr John Duggan, CountyGlen's chief executive, has declined to reveal how much of the £1.2 million settlement would go to meeting outstanding liabilities.
