Bargain Booze owner Conviviality has seen its shares suspended on the junior market as traders await an announcement.
This follows a recent announcement from the group in which it said its EBITDA was expected to come in 20 per cent lower than market expectations, due to an “arithmetic error” in its financial forecasts.
A suspension of shares usually occurs when there is a lack of material financial information, and means Conviviality’s shares cannot be traded.
A suspension can last up to 10 days if relevant financial information is not provided.
Often shares are suspended at the request of the company itself and are usually a sign of an important impending announcement.
Conviviality is expected to make an announcement later today.
Since the announcement, more than £300 million has been wiped of the group’s share value, and this suspension could further impact the off-license chain.