GILLINGHAM FC's love affair with the stock market appears to have cooled with the shock decision to suspend trading in the club's shares. Directors of the Division One club asked Ofex, the share trading facility they signed up to with a fanfare less than two years ago, for suspension "with immediate effect".

An Ofex source confirmed: "We have suspended trading at the company's request." However, the board's decision may have forestalled an enforced suspension by Ofex, an exchange that includes Arsenal, Rangers, Manchester City, Bradford City and Kent brewer Shepherd Neame.

The London-based operation was clearly annoyed that the clubÕs annual accounts were overdue. Ofex said that under its code of practice, the accounts for the year ending May 31, 2001 should have been published by the end of October.

"They were probably given a month of grace to get the accounts out which they have failed to do," a spokeswoman said. "So we were then left with the option of either suspending at our instigation or the company requesting suspension which they have done."

It was rare for a listed company to request suspension, she said. Most complied with the code, with only a few having problems getting the accounts out on time. She did not know why Gillingham had made this decision. Like shareholders, Ofex would be waiting for an explanation in a directors' letter expected on Friday.

Club bosses promised shareholders that the accounts would be posted to them by December 7 "along with a letter regarding the proposed withdrawal from Ofex". Club chairman Paul Scally heralded the move in his programme notes for the Gillingham's last home game against Birmingham City.

After telling fans that the accounts would show a net profit of "about £350,000Ó on turnover of £6.6m, he wrote: "I also intend advising shareholders that we will be withdrawing from the Ofex trading facility as soon as possible. Ofex has not worked for us and I am disappointed with a number of aspects of this market.Ó

He promised that a register would be operated for shareholders "that wish to trade in our stocks in much the same way as Ofex has operated".

Gillingham shares have performed poorly since they were put up for sale for the first time on February 22, 2000. They cost 30p but since then their value has fallen steadily to a low of 7.5p.