RE: Another UK plc going us11 Apr 2024 22:15
A British pharmaceuticals company has criticised London’s stock markets for being “completely broken and closed” after announcing plans to de-list and pursue a potential flotation in New York.
Ali Mortazavi, chief executive of E-therapeutics, said “urgent reform and action was needed” after accusing British investors of failing to back innovative companies.
E-therapeutics said it would de-list, 17 years after floating on Aim, London’s junior market, as part of a £29m fundraising from existing investors.
It said it would “explore the option of listing on [New York’s] Nasdaq in due course”.
Writing on X, formerly Twitter, Mr Mortazavi said: “My overriding feeling in delisting [the company] is one of sadness and great worry.
“To be clear, the UK markets are not just illiquid, they’re completely broken and closed. The situation is worse for small growth companies (in particular biotech) but even sizeable companies such as Shell and many others are saying the same thing