1 Dec 2016 07:00
Formation Group Plc
('Formation' or 'the Company')
Application for admission to trading on ISDX and cancellation from AIM
The Board of Formation announces that, following extensive discussions amongst its board, including with representatives of its major shareholders, it has concluded that it is in the Company's interests to cancel its listing on AIM and apply for the ordinary shares of the Company to be admitted to trading on the ISDX Growth Market ("ISDX").
The Board decision has taken account of, amongst other things, the relative costs of maintaining a quotation on AIM and the limited liquidity in the Company's shares. In the light of this, the Board has concluded that ISDX would be a more appropriate venue for the Company's shares to trade.
The Company is making an application for Formation's shares to be admitted to trading on ISDX and it is expected that trading on the market should start on or about 16 December 2016.
A notice of meeting will be sent to shareholders shortly, convening a general meeting at which a resolution will be considered to approve the cancellation of the Company's AIM listing. The cancellation will be conditional on the consent of not less than 75% of votes cast by shareholders.
1 December 2016
Enquiries:
Formation Group plc Tel: +44 (0) 20 7920 7590
David Kennedy, Chief Executive Officer
Northland Capital Partners Ltd (Nomad) Tel: +44 (0)20 3861 6625
Tom Price / Gerry Beaney
Peterhouse Corporate Finance Limited (Broker) Tel: +44 (0) 20 7469 0930
Duncan Vasey / Fungai Ndoro