Bottom Line: One rule for all

THE revised listing rules introduced in December will be put to the test today when the Stock Exchange's quotations committee meets to decide whether to delist Resort Hotels shares.

Since Resort has failed to meet the Exchange's demands to produce restructuring proposals, it seems likely that shares in the distressed hotels company, which have been suspended for nine months, will lose their quote.

Yet Queens Moat Houses, suspended for more than a year, has not been delisted because the Exchange says to do so would be unfair to investors while the company is subject to an ongoing DTI investigation. Resort is undergoing an investigation by the Serious Fraud Office.

Both companies are working overtime to agree a refinancing with their main banks. Resort may be a lot smaller than Queens, but that is no reason to treat it differently.