Shares in Midlands-based housebuilder Mar City (MAR:AIM) have been suspended until the group appoints a new nominated adviser (nomad). At the time of writing, it is unclear why Mar City's nominated adviser Shore Capital is no longer in the role but the builder tries to reassure investors that the board is already in talks to appoint a new adviser.
The Mar City board has also updated the market on the process of appointing a new finance director as well as non-executive roles including the replacement to non-executive chairman following the decision of chairman Hamilton Anstead to resign for personal reasons.
Shares in the troubled housebuilder have tumbled nearly 70% since the start of the year with the lion's share of the decline occurring in the wake the group's 20 February profit warning following an internal review of the group's accounting policies.
The builder said that following the internal review, it was now forecasting that pre-tax profit for the year ended December 31, 2014, would be approximately £6.3 million – some way south of previous forecasts.
The adjustment was due to a review of profit recognition associated with the holding value of completed residential properties, built by the company, in a Private Rental Sector (PRS) portfolio.
A spokesman for Mar City could not confirm with whom the builder is in talks regarding the vacant adviser role but WH Ireland, which currently acts as joint broker and has in the past discharged the nomad role at Mar City, is believed to be in the frame.