Abrdn Property Regulatory News (API)

11 Jan 2008 17:12

API Group PLC11 January 2008 11 January 2008 API Group plc Move to AIM from the Official List Further to the passing of the resolutions at the company's General Meeting on 9January 2008, the Board of API Group plc ("the Company") today announces that itintends to apply for admission of its ordinary shares to the AlternativeInvestment Market ("AIM"), operated by London Stock Exchange plc. As a result of the Open Offer launched on 17 December 2007 and approved at theGeneral Meeting, the Company no longer expects to be in compliance with theListing Rule requiring at least 25 per cent. of its shares to be in publichands, once the new shares are admitted on the 18 January 2008. In assessing theoptions, the Directors have concluded that AIM, with its more flexibleregulatory environment, may in any case provide a more appropriate market forthe Company's shares. Application by the Company will now be made for the ordinary shares to bedelisted from the Official List and from trading on London Stock Exchange's mainmarket for listed securities, and for the ordinary shares to be admitted totrading on AIM. It is expected that the Company's ordinary shares will be simultaneouslycancelled on the Official List and admitted to AIM on 12 February 2008, subjectto receipt of necessary approvals from the relevant regulatory authorities foreach exchange. Ends Enquiries Andrew Turner, Group Chief Executive Officer 01625 650334 API Group plc Tim Spratt / Nicola Biles 020 7831 3113 Financial Dynamics Nick Westlake / Bruce Garrow 020 7260 1000 Numis Securities Ltd This information is provided by RNS The company news service from the London Stock Exchange