Metro Baltic Horizons seeks shareholders approval to cancel its AIM listing

7th Aug 2014 17:50

Metro Baltic Horizons will hold an extraordinary general meeting on 2 September to seek shareholders approval to cancel the admission of its ordinary shares to trading on AIM.The company confirmed its intention to be re-registered as a private company under the Isle of Man Companies Act 2006 and to adopt new memorandum and articles of association.Metro Baltic said it has received "irrevocable undertakings to vote in favour of all resolutions from shareholders representing 72.9% of the issued share capital of the company."The AIM Rules for Companies states cancellation is conditional upon the approval by not less than 75% of the shareholders voting in the general meeting.Metro Baltic has said its decision is based on its current financial position and the directors have proposed making a distribution of up to £5m to the shareholders, who will be allowed to choose whether to receive the distribution as a capital or income return depending on their circumstances.Metro Baltic shares plunged to 12p on Thursday at 16:09 by 42.86%.DC