NLG.L Share News (NLG)

(ShareCast News) - AIM-listed artificial intelligence company Arria NLG is to float on the Australian and New Zealand stock exchanges in March 2017 to pursue growth opportunities.The new funds which would be raised would be used to develop the company's software as a service products, including launching them in new countries, develop its NLG Developer cloud products, and for additional working capital.As the admission to the New Zealand Stock Exchange is its primary listing it has arranged for a firm in the country to become the successor holding company and wholly owned parent of the Arria Group, subject to shareholder approval.Arria Group shareholders will therefore hold a number of Arria NZ shares, rather than Arria NLG shares currently traded on AIM.The company said it will also apply for its shares to cease trading on AIM and it will seek to list on the main market of the London Stock Exchange in the future.The listing on the Australian and New Zealand markets and the de-listing from AIM requires approval from shareholders and, through a scheme of arrangement under UK Companies Act, from the High Court in London in either December or January 2017.Sharon Daniels, chair and interim chief executive, said, "We believe that the Arria Group is igniting a global revolution in communication, and that the NLG?tools and systems we are bringing to the world will fundamentally change the way people interact with technology. The group's capital plans will further strengthen Arria's position in this fast growing market."Shares in Arria NLG were down 13.97% to 15.06p at 1124 GMT.