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Car parts manufacturer Wagon has voluntarily suspended its shares from Aim after issuing a profit warning due to a steep decline in orders.
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The company said it is in talks with its lenders and a major shareholder over arranging new funding. It added that revenues would "weaken materially" and that profits would be below expectations. Wagon raised £49m in June in a 10-for-one rights issue at 4p a share.
Trading is poor, and the company desparately needs new funding. Avoid.
Previous IC View: Good value, 29p, 30 Nov 2007.
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-IC-1.5.4a-prod - 31/10/2008 13:11:34 - carlos.princz
