THE exploration company Kish Resources has had its listing cancelled by the Irish Stock Exchange, after failing to meet a six month deadline to find a business appropriate for a market listing.
Kish shares have been suspended for over a year, but last October a financial restructuring was announced which involved conversion of £1.6 million debt into equity and a £250,000 investment from a British investment company, Waterford Finance & Investments.
Under this restructuring, Waterford gained a 24 per cent stake in Kish and took over the running of the company.
Most of the existing Kish directors resigned and were replaced by two Waterford finance executives, Mr Jonathan Steward and Mr Graham Dowland. Both executives had been previously involved in the restructuring of Dana Exploration and the restructuring of Kish was modelled on the Dana restructuring.
Mr Dowland said at the time that it was planned to acquire a petroleum producing asset - probably in eastern Europe - and that the acquisition would be presented to shareholders for approval by the end of January 1997. It is understood, however, that completion of this acquisition is some months off and as a result Kish - essentially a shell company - has now lost its listing.
Mr Graham Wrafter of Bloxham, Kish's Irish brokers, said that once the company completes the acquisition of a business that would qualify it for a listing, it will probably ask the Stock Exchange to have the shares relisted.
