Bula Resources, whose shares have been suspended on the Dublin and London markets since April 11th, is coming under pressure from the Irish Stock Exchange to clarify its financial position by the end of the week.

As is its practice, the stock exchange refused to comment on the protracted suspension of Bula shares, but it is understood the exchange expects the clarification statement this week. Otherwise, Bula - which has 46,000 shareholders - could face sanction from the exchange, including possible delisting.

Market sources believe the exchange cannot countenance an extended suspension of the shares - by next Thursday they will have been suspended from trading for two weeks. Normally such a period of suspension is allowed only in cases where companies are involved in major acquisitions or other such corporate events. Clarification of a company's financial position does not fall into that particular category.

A Bula spokesperson said the situation regarding the clarification statement was unchanged and was unable to say when shareholders would find out what was going on at Bula.