Hirco : HRCO – to cancel AIM admission

Hirco is cancelling its AIM admission – in other words its shares will no longer be traded on AIM. The shares have ben suspended for some time as Hirco felt unable to publish its accounts as it struggled to get useful information about the value and status of its investments. The Hirco story is a long and complicated one. The Hirco Board is suing members of the Hiranandani family (Niranjan Hiranandani (pictured) and Priya Hiranandani-Vandrevala – Hirco’s former Chairman and CEO) for over £300m. It also wants to try to find out what it owns and what happened to the money it invested in various projects sponsored by the Hiranandani family.

Shareholders will have to wait until 2015 for the case to come to trial. In the meantime N+1 Singer has offered to create a matched bargain facility in the shares.

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