Delisting 27 June 201830 May 2018 11:07
On 27 March 2017 the ordinary shares of the Company of �0.01 each ("Shares") were readmitted to the standard listing segment of the Official List and to trading on the Main Market (the "Readmission") and offered to institutional investors at an initial offer price of 25p per Share. This implied a market capitalisation, as at such date, of the share capital of the Group of approximately �13.9 million. As at 29 May 2018, the closing trading price of the Shares was �0.027, implying a market capitalisation of the share capital of the Group of approximately �1.5 million, a decrease of 89% from the offer price at Readmission.
Following the Delisting, the Shares will no longer be traded on a regulated market. As a result, a holder of Shares will not be able to trade its Shares on the LSE and, consequently, the opportunity for holders of Shares to sell their interest in the Company will be limited and there will be no public valuation of Shares. Following Cancellation, holders of Shares will continue to be entitled to transfer such Shares in accordance with the requirements of the Articles and Guernsey law.
The shares will continue to be settled through CREST, or shareholders can request they be converted into certificated form.
Following the Delisting, the Company intends to implement the following corporate governance steps:
� Provide the Annual Report and an Interim statement to shareholders on a regular basis; and
� Hold its AGM in the UK, providing shareholders with the opportunity to meet the Board and discuss progress.
Owing to its current financial position, the Company is not able to provide investors that do not want to remain as shareholders of a private company with a cash alternative.
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