Lamprell asked the Financial Conduct Authority (FCA) to be suspended ahead of the debarment.

The company said it was unable to complete its review of its financial results by September 30, which was the last date it was allowed to do so.

Lamprell had previously announced its intention to delist its listing on the main London market. He expects the cancellation to take place by October 25.

The company is in the process of being sold to Thunderball Investments, which is owned by Blofeld Investment Management and AlGihaz Holding.

As of September 5, Thunderball owned 45.18% of Lamprell. Another 5.39% of Lamprell shares had pledged to accept the proposal.

As part of Lamprell’s takeover plan, Thunderball said it intended to delist Lamprell in London. The offer became unconditional on August 26. Lamprell held an EGM on September 26, receiving overwhelming support from shareholders to drop the list.

The company is encouraging its shareholders to accept Thunderball’s offer. This remains open until October 21. Once the company goes private, she said, its liquidity and stock tradability, as well as disclosure requirements, will be significantly reduced.

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Lamprell will not be able to ‘solvently negotiate’ unless the joint offer progresses