Solgenics Ltd - Mozambique-focused renewable energy development company, formerly known as Ncondezi Energy Ltd - Says shortly will post a circular to shareholders, in which it proposes the delisting of its shares on the AIM market in London. Chief Executive Officer Hanno Pengilly says Solgenics remains committed to progressing the Tete solar project in Mozambique, with the decision to delist coming after "careful board consideration and evaluation" of the advantages and disadvantages of remaining a publicly traded company, in terms of both the company's and shareholders' interests.
"The delisting is expected to free up management time and resources to more fully focus on the project and allow a more competitive approach with potential offtakers by limiting available public information to its competitors. All whilst operating under materially lower overheads," says Pengilly. "We are committed to our shareholders and believe that delisting will provide us with greater flexibility to pursue our long-term strategic objectives and create value for our stakeholders."
Current stock price: 0.18 pence, down 68%
12-month change: down 68%
By Greg Rosenvinge, Alliance News reporter
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