Speymill, the AIM listed real estate fund manager and contractor, has asked for its shares to be suspended after warning investors that its final results for 2008 will reveal a “significant loss”.
Speymill, which manages two AIM listed opportunity funds, Speymill Deutsche and Speymill Macau, as well as a German asset management company called GOAL and a retirement village joint venture, has seen its share price plummet from a high of 58p last May to 10.75p before they were suspended today.
In a statement made to London’s junior stock exchange today, Speymill said the worsening “macroeconomic environment”, problems with clients and sub-contractors and “slippage” in projects had impacted Speymill’s results.
“The impact of these events has led the board to conclude that the group will now realise a significant loss before tax and exceptional items, which has yet to be quantified, for the year ended 31 December 2008,” it added.
Speymill said the group was in the “process of accurately assessing the impact on the financial position of the group as a whole”, but declined to say when the final results would be.