(Alliance News) - Mobile Streams PLC on Wednesday said it will seek shareholder approval to cancel listing of shares on London's junior AIM market and re-register as a private limited company.
Shares in Mobile Streams went into freefall on the delisting plans and were trading 46% lower at 0.10 pence each in London.
"The scale of the business is no longer appropriate for that of a publicly quoted company," Mobile Streams explained, given the unlikelihood of the firm completing a "public markets transaction".
The costs of maintaining the stock listing were also cited by the mobile entertainment content provider as a reason for the AIM departure.
Mobile Streams will hold a general meeting on September 30 for shareholders to vote on the proposal. If shareholders approve the deal, then the company plans to put a matched bargain settlement facility in place with BritDAQ Ltd.