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LONDON (Alliance News) - NetScientific PLC on Friday said it believes that the resolution for the cancellation of its shares from AIM market, to be proposed at a general meeting of the firm, will be defeated.
The stock was up 56% on Friday afternoon at 9.35 pence each.
The healthcare technology company received proxy forms from shareholders representing 30% of the issued share capital of the company stating they will be voting against the proposed cancellation. The company proposed to o private in mid-February after it failed to secure a buyer.
NetScientific has therefore proposed to adjourn the meeting, which was scheduled for Monday.
In November, the company launched a strategic review, and in December said it had not received any offers for any portfolio firms. Part of the review had deliberated leaving London's AIM market.
The plan was to become a private firm, due to limited cash, no interest from buyers, and the low chance of getting funds off the market.