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Harrier switches to PLUS

By Rebecca Curwin on December 14 2006

Harrier, an investment company targeting the financial services, IT and cyclical services sectors, has moved from AIM to PLUS Markets after failing to complete an investment within the timescale set out by the London Stock Exchange at the end of last year.

In March 2005, Harrier became a cash shell on AIM after selling its subsidiaries for £4.5 million. Its shares were quoted on AIM until June 2006.

The London Stock Exchange rules flushed out shells on AIM more than a year old or with less than £3 million on their balance sheet. Companies were suspended from trading in April this year and given until October to identify businesses to buy.

Based in London, Harrier is led by directors Derek Alway and Bob Morton. The move to Plus Markets saw the company generate 31.5 million shares at 1p each in issue.

Alway owns about 462,000 shares in the company, a 1.5 per cent stake. Harrier states it is considering a fund raising to pay for an acquisition.

Harrier made a profit after tax of £43,000 for the six months to June 2006.

JM Finn & Co was corporate adviser to the flotation.

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