The Management Board of the Warsaw Stock Exchange has adopted a resolution which will exclude the shares of ABM Solid from the main market trading on the stock exchange. The company’s shares will disappear from the market on 27 July 2019.
ABM Solid has been in receivership for more than six years due to a difficult liquidity situation. The company’s financial difficulties started in 2011-2012 during the crisis in the construction industry. In June 2012, the Management Board of the company filed for bankruptcy by composition agreement, which was accepted after initial problems.
In December 2018, a vote was held on the conclusion of an agreement with creditors, which was rejected. As a result, the proceedings were changed from composition to liquidation. It became legally binding on 26 January this year. According to the WSE rules, six months after the bankruptcy became final and binding, the company’s shares are excluded from trading. As a result, on 27 July this year, ABM Solid will leave the Warsaw Stock Exchange.
Loss in Q1 2019
In the first quarter of 2019, ABM Solid recorded revenue of PLN 6.9m, compared to PLN 8.1m in the corresponding period of last year. This translated into a decrease by almost 15% y-o-y. In the period January-March this year, the company recorded a net loss of 404,000 PLN, compared to a profit of 89,000 PLN in the first quarter of 2018.