Supercart eyes Aim suspension

Supercart said its established South African market during the key pre-Christmas period has been in line with management expectations, but it warned challenging US market conditions have resulted in slower than expected progress.

The shopping trolley and basket maker said it is due to publish its accounts for the year to June 30th 2012, which are expected to be in line with management forecasts.

However, while the audit will be completed shortly, Supercart said it would not be in a position to publish the report and accounts before December 31st 2012, as required by the AIM Rules.

"In the event that the report and accounts are not published on or before December 31st 2012 trading in the company's shares will be suspended with effect from 7.30am on Wednesday January 2nd 2013, pending publication of the report and accounts," it explained.

Supercart said a circular has been sent to shareholders explaining the background to the proposed cancellation to trading on AIM and the reasons why the board considers this to be in the best interests of the company and its shareholders as a whole.

If shareholders do not approve the resolution at the General Meeting the shares will remain suspended pending publication of the report and accounts.

CJ