AIM suspends nine for failing to file on time

A record nine companies were suspended from trading yesterday on London's junior share market, the Alternative Investment Market, after failing to file their financial results within the time allowed under listing rules.

AIM gives companies six months to file their accounts from the last day of the trading period under review. The deadline for companies with year-ends or half-year ends of 31 December to report their finances fell on Sunday.

The nine suspended companies were: Constellation Corporation, Cyberes, Einstein Group, Equator, i-spire, Mettoni, Offshore Tool and Energy, Radio First and World Sport. The previous record number of suspensions in one day was four.

Failing to file accounts on time can be a sign of serious trouble, analysts said, as well as being a headache for investors with shares in the companies that they can no longer trade on the market.

Mettoni, a network solutions business valued at £3.2m, said its results had not been finalised "pending the outcome of discussions with certain financial institutions relating to the financing of the company". The directors hope to conclude the refinancing talks shortly and then publish its accounts.

Cyberes, a discount air fares specialist worth £6.7m, said it had been suspendedwhile it tried to arrange a fundraising that led it to delay its accounts.

Internet investment group i-spire, however, said it hoped to release its results by the end of the month. But the group said it planned to delist from AIM given "the current economic and market environment".