Breaking: Yorkshire engineering firm Redhall requests suspension of trading of shares on Alternative Investment Market

THe Redhall Group has requested that its shares be suspended from trading on the Alternative Investment market as it seeks clarification about its financial position.

Redhall has requested that the company's ordinary shares are suspended from trading on AIM. Photo: Jonathan Brady/PA Wire

In a statement issued this morning, Redhall said: “Further to the trading update released on May 1 2019, Redhall announces that overall trading remains challenging and that the company’s short-term cash flows are under pressure, in particular, with regard to certain tax liabilities.

“The board of Redhall has been in active discussions with certain of the company’s major shareholders and creditors to provide additional funding capacity to allow the company to alleviate the short-term cash flow pressure.”

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The statement added: “However, it is now clear that there is no reasonable prospect that a viable solution for additional funding capacity can be found and the board is now investigating all alternative options to optimise value for the company’s stakeholders. The board notes that the outcome of this process and its impact on the company’s stakeholders remains uncertain.

“The board has requested that the company’s ordinary shares be suspended from trading on AIM pending clarification of the company’s financial position.”

“A further update will be made as and when appropriate.”