(Alliance News) - Shares in Defenx PLC fell sharply on Monday as it announced that it would seek shareholder approval to cancel the trading of its shares on London's AIM market.
Shares in the cyber-security software firm - which is headquartered in London - were 57% lower at 1.20 pence in morning trade.
Defenx said it will publish a circular in November providing details for the cancellation and convening a general meeting to gain shareholder approval, which is expects to take place either in December, or January.
The cancellation of shares will be conditional on gaining at least 75% of votes from shareholders. Defenx said it has noted that BV Tech SpA, which holds a 67% stake in the company, will enter an irrevocable undertaking to vote in favour of Defenx cancelling its shares.
In addition, nominated adviser Strand Hanson Ltd has agreed to continue in its role until the cancellation of shares, provided that it takes place before January 13, 2020.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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