THE stock exchange board will meet tomorrow to decide whether it should grant CountyGlen a further extension of time so that it can meet the requirements to have its suspension lifted.
CountyGlen's shares have been suspended for just over four bears. The company has already been granted several extensions in its effort to find a business which would allow it to retain its stock market listing.
The exchange gave CountyGlen its last extension six months ago. It is understood that the company has recently had discussions with the stock exchange on its plans to get a relisting.
Observers say it is not certain that the exchange will grant a further extension. "It's probably 50-50," said one source.
CountyGlen is understood to be at a very advanced stage in acquiring Thomas Storey, a British company which manufactures shipping containers and mechanical shovels for diggers and other construction equipment.
CountyGlen will have to explain in detail just how far advanced it is regarding any deal. It will have to demonstrate that it is no longer a cash business and that the company which it is acquiring has assets.
In granting the last extension in April, the stock exchange said CountyGlen would have to publish listing particulars which demonstrated its compliance with all listing requirements, including the appointment of a sponsoring stockbroker. MMI is now CountyGlen's sponsoring stockbroker.
The chief executive of CountyGlen, Mr Niall Duggan, refused to comment last night. The managing director of Thomas Storey, Mr Peter Dawson, said: "We don't comment on rumours".
CountyGlen has the cash to fund the acquisition, believed to be about £1.2 million. Earlier this year it settled actions it had taken against Anglo Irish Bank, solicitors Connolly Sellors Geraghy Fitt and members of the Carway family.
That litigation arose from the report into CountyGlen by Mr Frank Clarke SC, who concluded that Mr John Carway was behind a fraud that cost the company £1 million.
Thomas Storey is CountyGlen's latest effort to find a suitable business to help it regain its stock market listing. Last year the company was to invest in a hairdressing chain in Ireland, with options on a British hairdressing chain.
It withdrew from the deal in Ireland and sold its options in Britain for £50,000 profit, according to Mr Duggan.
CountyGlen was also involved in an attempt to buy a British giftware company, but abandoned it and the company, Bullers, went into liquidation. Last year the company also abandoned negotiations with a magazine aimed at the hotel and pub industry.
