(Alliance News) - John Lewis of Hungerford PLC on Wednesday proposed the cancellation of its shares trading on London's AIM market and its re-registration as a private company.
The Wantage, England-based manufacturer and retailer of kitchens, bedrooms and free-standing furniture said the management time required and the legal and regulatory costs associated with its listing are not in the best interest of the company or its shareholders.
The firm said the proposal is subject to approval by shareholders at a general meeting to be held on June 16.
The company noted that the cancellation and re-registration requires approval of at least 75% of its shareholders.
John Lewis of Hungerford shares rose 5.4% to 1.40 pence each in London on Wednesday morning. It has a market capitalisation of just GBP2.7 million.
By Harvey Dorset, Alliance News reporter
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