(Alliance News) - Allied Minds PLC on Wednesday said it is considering de-listing its shares due to high costs.
Allied Minds shares plunged 38% to 11.50 pence each in London on Wednesday morning. The stock is down 55% in the past 12 months and trades well below highs seen in past years, having peaked at 725.00p in April 2015.
The Boston, US-based firm based IP commercialisation firm said it will consult with shareholders over a possible share delisting from London following a strategic review.
Under the review, the board weighed up the costs of its listing in London and decided it is "prohibitively high" relative to the company's size.
Allied Minds said it judged that maintaining a public listing is "no longer in the best interests" of the company and its shareholders.
"The Allied Minds board therefore now intends to formally consult with shareholders regarding a possible delisting of the company," Allied Minds added.
The firm explained that if the board decides to proceed with a delisting, it will publish a shareholder circular "detailing the rationale for the decision" and announce a general meeting at which shareholders will vote on a resolution to delist.
The company said it will provide further updates when appropriate.
By Tom Budszus; tombudszus@alliancenews.com
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