CountyGlen's share listing cancelled by Stock Exchange

THE Stock Exchange board has cancelled CountyGlen's listing because it has failed to show it has a business suitable for quotation. The company had already been given several extensions of time to conclude a suitable deal.

The board, which met yesterday said the company had not complied with several conditions which it had laid down last April, when granting the most recent extension. The board had asked the company to publish listing particulars which showed it had a suitable business for listing and that it was in compliance with all other listing requirements.

The board had told CountyGlen that it would have to have convened a meeting by yesterday to seek shareholder approval of the acquisition of a business. This had not been done.

The board said CountyGlen had not demonstrated "in relation to any proposal discussed with the Exchange" that it will be able to meet the conditions.

The company's stock listing had already been suspended for four years.

It is understood that the company had discussions with the Stock Exchange recently. CountyGlen was in discussion with Thomas Storey, a British company which manufactures shipping containers and mechanical shovels for diggers and other construction equipment.

Given that the company was not given another extension - although it was reported to be close to a deal with Thomas Storey as far back as August - it seems likely that the board did not deem the business as fulfilling all criteria for a relisting.

However, CountyGlen will be able to apply again for a listing if it finds another business, but applying for a listing is a very expensive process.

The chief executive of CountyGlen, Mr Niall Duggan, refused to comment last night. He would not say when or if the company will be holding an extraordinary general meeting. "I will let the shareholders know myself," he said.

CountyGlen is understood to have access to around £1 million. Even if it is liquidated the shareholders would get little money back.

CountyGlen's shares were suspended at 70p but even if the company had been relisted, the shares would have been unlikely to trade at anything remotely approaching that price.

Mr Duggan himself, has more than 500,000 shares in the company. A company called Kilberry also has more than 500,000 shares. Kilberry and CountyGlen owned the former Glen Abbey site in Blackrock, Co Dublin. (CountyGlen was the company which emerged from the former Glen Abbey clothing company).

The company has had a chequered history. In 1994 a report by Mr Frank Clarke identified Mr John Carway as having been the central figure in a fraud which cost the company £1 million. The conclusion was rejected by Mr Carway.