25th Oct 2024 10:39
Adams PLC - invests in small- to mid-cap companies in the UK and Europe - Calls an extraordinary general meeting for November 27 to seek approval to cancel its shares from the AIM market in London and to sell its investments and return the money to shareholders. The company then would be wound up. Adams says its investment strategy is "no longer sufficiently attractive", particularly given its small capital base, with only GBP5.4 million in net assets as of the end of last month. Richard Griffiths, the company's major shareholder with a 94% stake, has committed to vote in favour of the plan, Adams says. To give others a quicker exit, Adams will conduct a share buyback at 4.00 pence per share, a 7.5% premium to its estimated net asset value on September 30 of 3.72p a share. Cancellation from AIM would occur on December 4. Read More
