(Alliance News) - Asimilar Group PLC shares plummeted on Monday, after it returned from suspension and said it plans to cancel its shares on London's AIM.
Asimilar is a London-based investment firm focused on technology investment opportunities in big data, machine learning, telematics and internet of things.
At the start of April, Asimilar shares were suspended from trading on AIM and AQSE, as it failed to meet the reporting deadline for its audited annual results for the year ended September 30.
As a result of the publication of its financial results, trading in the company's shares were restored on Monday. At about midday in London, the stock was down 34% to 1.24 pence each.
On Monday, Asimilar said it seeks shareholder approval to cancel its shares from trading on AIM. The company will hold its annual general meeting on May 18.
It said it plans to maintains its listing on AQSE, however.
"Whilst the company has sufficient liquid assets to support its cash balances to meet operating costs, in the absence of any pending liquidity events in respect of its unquoted holdings, or any further fundraising, the company does not currently have the capacity to pursue new investment opportunities," Asimilar said.
Therefore, the board believes cancellation of its shares will provide "greater optionality" to the company going forward.
Also on Monday, Asimilar said that in the financial year ended September 30, revenue was unchanged at GBP14,000. However, it swung to a pretax loss of GBP35.6 million from a pretax profit of GBP26.7 million a year earlier.
Unrealised losses on investments amounted to GBP36.6 million compared to a gain of GBP25.7 million in financial year 2021. Cash at bank at the year-end was GBP7,179, compared to GBP600,090 year-on-year.
By Sophie Rose, Alliance News reporter
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