8th May 2018 14:22
LONDON (Alliance News) - Abaco Capital PLC said that shareholders have approved the company's delisting from the AIM market and liquidation at the annual general meeting on Tuesday.
Shares in the cash shell firm are currently temporarily suspended and will be cancelled from trading on Wednesday.
Abaco has appointed James Miller and Keith Marshall of RSM as joint liquidators responsible for the winding-up of the company with effect from Tuesday.
Upon completion of the winding-up process all remaining assets will be distributed among shareholders. The expected amount is GBP19.0 million which will be distributed in three to six months.
Abaco said its reason for delisting was due to being unable to identify a compelling target for a reverse takeover following the demerger where of the operating businesses of Oxford Pharmascience Group PLC to Oxford Pharmascience Ltd in December.