(Alliance News) - Better Capital PCC Ltd on Wednesday said it is convening a general meeting on May 12 to seek approval for delisting of the 2009 shares and the 2012 shares from the London Stock Exchange.
The investment company anticipates delistings to be effective from June 10.
Under the listing rules, Better Capital PCC is required to obtain the prior approval for such cancellation of not less than 75% of the 2009 and 2012 shareholders and not less than 75% of all shareholders.
This delisting is a part of Better Capital PCC's strategic plan for an orderly wind down of the cells. The decision came amid the significant ongoing annual costs associated with maintaining admission to the official list and trading on the main market, the company explained.
Better Capital PCC said it expects that it should achieve cost savings of GBP320,000 in the financial year following the share delistings.
Better Capital PCC 2009 shares closed 6.3% lower in London on Wednesday at 30.00 pence each, while 2012 shares ended the day down 30% at 1.93p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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