SHARES in Palmaris Capital, whose sole investment is a stake in mining group Scottish Resources, plunged yesterday after it said it was planning to leave the AIM exchange.
In a statement issued in response to a sudden fall in the share price, Palmaris said its board had resolved to recommend the cancellation of the company’s listing on AIM. It added that more details will be announced “in due course”.
Palmaris holds 16.1 per cent of Scottish Resources, the Clackmannanshire-based firm which owns Scottish Coal – the UK’s largest surface mine operator and the second largest coal miner. Scottish Resources had abandoned its own plans for a £200 million-plus flotation in 2010. Shares in Palmaris closed down 25 per cent, or 0.38p, at 1.12p.