Ludorum PLC Notice of Cancellation of Admission to AIM (7109Z)
15 Dezember 2014 - 8:01AM
UK Regulatory
TIDMLUD
RNS Number : 7109Z
Ludorum PLC
15 December 2014
Ludorum Plc
15 December 2014
Cancellation of admission of Ordinary Shares to trading on
AIM
Ludorum Plc ("Ludorum" or the "Company") announces that its
Board has resolved to recommend to shareholders the cancellation of
the Company's admission to trading on AIM.
After careful consideration, the Directors have concluded that
it is no longer in the interests of the Company to retain its
admission on AIM ("Admission") and, accordingly a proposal to
cancel Admission should be put to its shareholders
("Shareholders")in General Meeting (the "Cancellation").
The factors taken into consideration by the Directors in
reaching the conclusion above include:
-- there has been a significant fall in the Company's share
price which, in the opinion of the Board, is not justified by the
Company's performance or prospects;
-- like many other small listed companies, Ludorum suffers from
a lack of demand for its shares and, in practical terms, a small
free float. As a result, the Board believes that there is currently
no reasonable prospect of the Company being able to use the listing
to raise money from other investors;
-- the low liquidity in the Company's shares tends to lead to a
volatility in the share price which the Board believes may distort
any objective assessment of the Company's value;
-- the Board believes that, in the light of the above, the costs
associated with the listing are not justified as being in the best
interests of the Company or its shareholders.
Whilst the Board believes that the Cancellation is in the
interests of the Shareholders as a whole, it recognises that the
Cancellation will make it more difficult for Shareholders to buy
and sell Ordinary Shares should they wish to do so. Accordingly the
Board intends to set up a matched bargain settlement facility to
enable Shareholders to trade their Ordinary Shares, and further
notification will be made once this is implemented. Under this
facility, it is intended that Shareholders or persons wishing to
trade will be able to leave an indication that they are prepared to
buy or sell at an agreed price. In the event that the matched
bargain settlement facility is able to match that indication with
an opposite buy or sell instruction, both parties will contacted to
effect the bargain.
The Company will in due course post a circular to Shareholders
(the "Circular") convening a general meeting of Shareholders
("General Meeting") at which the Cancellation will be considered
and put to a vote of Shareholders. The Circular will contain
further information on the background to and the reasons for the
Cancellation and explain why the Board considers the Cancellation
to be in the best interests of the Company and its Shareholders as
a whole.
Under the AIM Rules the Cancellation can only be effected by the
Company after the passing of a resolution of the Shareholders in a
general meeting passed by a majority of not less than 75 per cent.
of the votes cast, and the expiry of a period of twenty business
days from the date upon which notice of the Cancellation is given
in accordance with the AIM Rules. In addition, a period of at least
five business days following the passing of the resolution
approving the Cancellation is required before the Cancellation may
be put into effect. The notice of Cancellation was submitted to the
AIM team on 15 December 2014 and, subject to the Cancellation
resolution being passed by the requisite majority, it is expected
that the Cancellation will become effective from 7.00 a.m. on 15
January 2015.
Enquiries
Ludorum plc 020 8939 6280
Rob Lawes
Investec Investment Banking (NOMAD) 020 7597 4000
David Flin
Andrew Pinder
This information is provided by RNS
The company news service from the London Stock Exchange
END
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