Allied Minds plans to delist from London Stock Exchange; shares slide

24th Aug 2022 10:17

(Sharecast News) - Allied Minds shares tumbled on Wednesday after the company - which invests in the tech and life sciences sectors - said it was planning to delist from the London Stock Exchange.

The company announced in March that it was undertaking a formal strategic review aimed at creating and/or realising shareholder value.

"As part of this strategic review, the board has sought to ensure that the company is being managed in as cost-efficient manner as possible," it said.

"In conducting this review, the board considers that the costs of maintaining a premium listing on the Official List and the Main Market of the London Stock Exchange are now prohibitively high relative to Allied Minds' current size and maintaining a public listing is no longer in the best interests of the company and its shareholders as a whole."

As a result, it now plans to formally consult with shareholders regarding a possible delisting.

Should it decide to go ahead with it, the company will publish a shareholder circular detailing the rationale for the decision and giving notice of a General Meeting at which shareholders will vote on a resolution.

At 1020 BST, the shares were down 41% at 11.10p.