THE share quotations for Impshire Thoroughbreds, the bloodstock company, and Tribune Newspapers, publisher of the Sunday Tribune, were cancelled yesterday. This follows the dropping of two markets, the Unlisted Securities Market (USM), and the Smaller Companies Market (SCM), by the Irish Stock Exchange.
In a separate, and more positive development, seven Northern Ireland companies have been included in the ISEQ index. The companies, consisting of Boxmore International, Ewait, Hampden, Lamont, NIE, Powerscreen and UTV, now represent 7 per cent of the capitalisation of the Overall ISEQ index.
Mackie International, which has applied for a Northern Ireland registration, will also be included in the ISEQ when this is confirmed.
The companies shares were already traded on the Dublin exchange under dual listing rules which allow shares in Irish companies to trade in London and Dublin but which, up to now, were not included in the calculation of the ISEQ. The move is expected to increase the marketability of the shares.
Impshire had a share quotation on the USM, while the Tribune's shares were quoted on the SCM. Neither company now has a share quotation on the Irish exchange.
Both said they had informed their shareholders about the cancellation. However, the exchange was not informed, as required under the listing requirements. In addition, neither company issued any press statements, although they have announced developments in the past.
A spokesman for Impshire said the company was trying to look after the shareholders", noting that the shares could now be traded on a "matched bargain basis" through Goodbody Stockbrokers. However, the company's long term strategy has not been disclosed.
Impshire's results for the year ended December 31st, 1996, are expected to be published in February and are likely to show a further strengthening of its already strong financial position. It had net assets of £5.6 million in 1995, represented almost entirely by cash and investments.
Mr Gordon Colleary, chairman of Tribune Newspapers, said the company was now looking at a number of options following the cancellation of share trading on the Irish exchange. He noted that the launch of the Developing Companies Market (DCM) - and other markets - had been mooted for some time but had yet to come into being.
The company, he added, was, "not strong enough" to go for a full listing, a route chosen by other companies. He stressed the group was advised by its brokers, and as, it had not gone for a full listing, the shares were "automatically cancelled". He noted it was the Irish exchange which terminated the markets.
Asked about the results for the year to June 30th, 1996, which are overdue, he said they would be out "very soon". The latest results showed a 30 per cent cut in the operating profit to December 31st, 1995. The interim statement, published in March, 1996, said the company was "firmly set on a recovery route".
