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McColl's Retail Group PLC said on Tuesday it will request a temporary suspension of its shares following a delay to the publication of its financial 2021 annual report.
The Brentwood-based convenience store operator said the report for the year that ended November 28 will not be ready in time for the end-May deadline.
McColl's shares saw a volatile morning of trading. They were up 8.3% to 0.98 pence each in London around midday on Tuesday, having fallen to an intra-day low of 0.60p earlier in the morning. The stock price has fallen 59% in the past month.
‘The delay reflects the need for a conclusion to discussions with key stakeholders around a potential financing solution for the business, in order to finalise the company's financial 2021 audited financial statements,’ McColl's said.
The retailer last Monday warned investors if a financing solution is not struck to resolve its short-term funding issues, its ordinary shares are likely to be of ‘little or no value’.
The company expects to request its listing to be temporarily suspended from June 1.
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