Allied Minds PLC - Boston, Massachusetts-based intellectual property commercialisation company - Will hold requisitioned general meeting on April 5 to table resolution put forward by shareholder Crystal Amber Fund Ltd for the removal of Chair Harry Rein. Company has advised shareholders to vote against the resolution.
Company has also launched a formal review of its strategic options, which include a sale of Allied Minds itself, and a distribution of certain assets and cash reserves directly back to shareholders through a restructure.
"The costs of maintaining a premium listing on the London Stock Exchange are prohibitive for a company of Allied Minds current size and moving the company onto the AIM market is unlikely to create significant cost savings. Maintaining a public listing is expensive with more than 50% of the company's annual budget devoted to meeting the requirements of being a listed company," the company says.
"As such, in the opinion of the board, the status quo can no longer continue and the formal process of returning value to shareholders should now begin in line with previously stated strategic objectives," Allied Minds adds.
Current stock price: 18.64 pence
12-month change: down 35%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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