(Alliance News) - Molecular Energies PLC announced following a general meeting on Monday that the company's shares will no longer be traded on the UK market, as "the only practical solution" to its problems.
The Leeds, England-based oil and gas company focused on North, Central and South America will stop trading shares on the Alternative Investment Market and will re-register as a private limited company.
Molecular Energies shares fell 35% to 11.41 pence each in London on Monday afternoon.
In late March, Chair Peter Levine said the company "can no longer justify the disproportionately high costs of remaining listed."
About 96% of shares cast voted in favour of the special resolutions, approving the cancellation of shares and the re-registration as a private limited company.
Shares will stop being traded on April 29, and the re-registration is expected to take place during the same week. The last day of dealings in Molecular Energies ordinary shares on AIM will be next week Friday.
Chair Levine said: "This last substantive RNS announcement for Molecular Energies in the London markets brings no joy, only sadness at its inevitability and acceptance as to the best choice in the circumstances.
"I am grateful for all those who voted for the resolution - the only practical solution given what we face."
Levine added: "The final curtain of our time on the London market is the start of a new chapter for the group as a private entity. We embark upon this part of the journey with a dedication to honour our commitment to transparency to all shareholders and to deliver returns to those who have stuck with us.
"The work starts now and as I have kept stating in the past Molecular has a potentially very exciting future and in this, whilst I do not rule out at the appropriate time Molecular or parts of it returning to regulatory markets in places outside of the UK we certainly intend to expand and mature privately the various parts of the group."
By Emily Parsons, Alliance News reporter
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