Dealings in shares of Lamont Holdings were suspended yesterday amid speculation that the ailing company was on the verge of going into receivership.
Once one of Northern Ireland's leading textile manufacturers, Lamont Holdings had cut most of its ties with the North when, following the sale of Dungannon-based Moygashel Linens, it relocated its head offices from Belfast to Rochdale.
In an effort to cut costs, the company had already delisted itself from the London and Irish Stock Exchanges last year and transferred to the Alternative Investment Market.
Despite a €45 million financial restructuring in 2002, Lamont could not halt the slide of its share price from a high of £3.25 last May to just 62½p yesterday.
Alexander Drew, a woven fabric printer in Rochdale, and Somerset-based BFF Nonwoven were only two remaining companies held by Lamont after the clear-out that led to the sale of Moygashel.
A statement released to the stock exchange yesterday said any receivership was not expected to result in a surplus available for shareholders.
