Britain's McColl's set for shares suspension

MccollS Retail

03/05/2022 08:21

LONDON, May 3 (Reuters) - Struggling British convenience
shop chain McColl's  MCLSM.L  said on Tuesday it is likely to
request the listing of its shares be suspended on June 1 as it
will not meet a deadline to publish its annual results by the
end of May.
    The 1,100-store group runs McColl's and Morrisons Daily
branded convenience stores as well as Martin's newsagents. It
employs about 16,000.
    It said the delay reflected the need for a conclusion to
talks with key stakeholders around a potential financing
solution for the business in order to finalise year to Nov. 28
2021 audited financial statements.
    "As these discussions remain ongoing, the board has
concluded there is now insufficient time in order to meet the
current deadline for filing these results under the Listing
Rules," it said.
    McColl's warned last month that even if a financing solution
is achieved it was likely to result in little or no value being
attributed to the group's equity.  urn:newsml:reuters.com:*:nL3N2WN19D
    The group has a wholesale tie-up with Morrisons, Britain's
fourth biggest supermarket chain.
    

 (Reporting by James Davey; Editing by Kirsten Donovan)
 ((james.davey@thomsonreuters.com))