Celadon proposes delisting, re-registration as private company

(Sharecast News) - Celadon Pharmaceuticals announced on Wednesday that it intends to delist its shares from AIM and re-register as a private limited company, subject to shareholder approval.

The proposed cancellation of its AIM listing was expected to take effect at 0700 BST on 8 August.

It said the decision followed a strategic review and was considered by the board to be in the best interests of both the company and its shareholders.

A general meeting had been convened for 1300 BST on 28 July at the Aston Tavern Hotel in Birmingham, where shareholders would vote on the proposed cancellation, re-registration, and the adoption of new articles of association.

Celadon said it had posted a circular to shareholders explaining the rationale for the move, its implications, and the board's recommendation in favour of the proposals, which was also available on the company's website.

The UK-based pharmaceutical company, which focuses on the research, cultivation, manufacturing and sale of cannabis-based medicines, said the move reflected its view that private ownership was better suited to its next stage of growth.

Reporting by Josh White for Sharecast.com.