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ScS Upholstery suspended

Created:
23 June 2008
Written by:
Graeme Davies

The end appears nigh for ScS Upholstery, as a quoted company at least, after its shares were suspended at 6.5p. The troubled furniture retailer has seen its share price collapse by 97 per cent in the past year, as first of all its end markets went into reverse, then insurers pulled the plug on credit insurance.

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This forced the company to cast around for alternative sources of funding and during this process it has been approached with a takeover offer for its operations which would be likely to result in only 'negligible value' for shareholders, according to the company. Whether the shares will actually see their suspension lifted, or if the company will simply disappear from the market, remains to be seen.

IC VIEW:

This eventuality should come as little surprise to those who have followed ScS' rapid decline of late, although it may be a nasty surprise to those who bought the shares late last week, when they bounced following news of Land of Leather's fundraising plans.

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