Norman Hay Plc (LON:HNN), the global supplier of specialist heavy industry chemicals, sealants, surface coatings and related processing plants, announced the admission of its ordinary shares to AIM will be cancelled starting on the 8th of September, 2010 following shareholder approval earlier today. Management cited the belief that the company is not benefitting from AIM sufficiently (through the potential for equity fundraising or share based acquisitions) to justify the c. £90,000 annual cash cost and significant management time required to maintain the admission as principal reasons for the delisting. The company plans to facilitate dealing in its ordinary shares by operating an internally managed matched bargaining service. The share price has declined by about 29% since the initial announcement on August 6th, 2010. Norman Hay also released a trading update for the first six months of the year, announcing that its automotive sealants business has rebounded well internationally, but remains cautious about the robustness of recovery in the industry. The company's engineering business, which specialises in building processing plants for clients, is stil enjoying a healthy order book - especially in the Far East. The partnership with mining and tunnelling company Normet is also performing well despite continuing tough market conditions. Norman Hay is proposing to raise its October dividend by 10% to 2.2p.
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