Company News

Eddie Stobart faces share suspension if Dec.9 conversion deadline unmet

Nov 24 (Reuters) - Eddie Stobart Logistics said on Tuesday that trading could be suspended for the transport firm if its planned conversion into an investing company was not announced before Dec. 9.

For the conversion, it needs to raise at least 6 million pounds ($7.98 million).

Eddie Stobart said it did not know of any commercial or operating reason for the rise in its share price since it announced its trading update on Oct. 12.

Shares, which rose as much as 25% on Tuesday, reversed gains to trade down 1.7% at 10.2 pence at 1451 GMT following the announcement.

$1 = 0.7515 pounds Reporting by Yadarisa Shabong in Bengaluru; Editing by Shinjini Ganguli