The Stock Exchange has given a strong hint that it may cancel the listing of the British-based but Dublin-listed crane hire group Peterhead, whose shares have been suspended for the past six months. In a strongly-worded statement, the exchange has stated that a circular sent to Peterhead shareholders on the sale of one of its subsidiaries had not been approved by the exchange and that the contents of the circular were so deficient that shareholders would be unable to make an informed assessment on the merits of the transaction.

The exchange said that the circular did not comply with listing rules in a whole series of areas, including details of the financial effects of the disposal, financial details of the company being sold, including profit and loss accounts, balance sheet and level of indebtedness.

In refusing its approval for the circular, the exchange said: the circular did not state that the directors had been independently advised whether the transaction was fair and reasonable and was unclear as to whether Peterhead's auditors and accounts had been had been able to satisfy themselves with regard to the financial information in the circular.