1st Jun 2018 15:44
LONDON (Alliance News) - ACHP PLC, which currently holds a 30% stake in Lloyd's third party managing agent Asta Capital Ltd, intends to delist from the London AIM market and is assessing options to dispose of its Asta holding.
Directors in ACHP believe that the benefits of being listed are now non-existent, and in fact no longer promotes the success of the company, with excessive costs, an insufficient market capitalisation of GBP12.4 million, and the likelihood that after a sale of Asta, ACHP would be placed in a member's voluntary liquidation.
ACHP has recommended that shareholders vote in favour of the proposal to delist at the annual general meeting on June 26, which requires no less than 75% approval to go through. If the proposal goes through, ACHP expects to delist on July 4.
Shares in ACHP were down 9.5% on Friday at 9.50 pence each.