Delisting looms over NEL Group if unable to meet deadlines

No extension beyond the 9 December 2010 deadline will be granted to NEL Group for the company to complete and announce its audited accounts of FY 2008 and FY 2009.

The Exchange will grant the Company a further six months from the date of the announcement of the Company's FY2008 and FY2009 audited accounts to submit a trading resumption proposal to the Exchange, according to a NEL announcement.

The stock exchange filing added the Company will be required to make the necessary arrangements for a reasonable cash exit offer to the public shareholders in the event that it fails to meet any of the deadlines and is consequently delisted.

In May the Exchange reprimanded NEL Group Ltd and its directors for breaching Listing Rules 703 for failing to disclose material information on a timely basis and 704(12) for failing to comply with the Exchange's directive.