28th Aug 2019 14:46
(Alliance News) - Albert Technologies Ltd on Wednesday said a secondary market trading facility will be available following cancellation of its shares from the AIM market.
Shares in Albert were up 37% at 7.00 pence in London in afternoon trade.
Marketing software developer Albert will be cancelled from trading on AIM on Thursday this week - a move already approved by a shareholder vote.
Following the cancellation, Asset Match will operate an off-share market in the shares.
Albert noted that: "Asset Match operates an open auction system where volumes of bids and offers at different prices are displayed on its website together with the closing date of the auction. At the end of each auction period Asset Match pass this information through a non-discretionary algorithm that determines a 'fair' share price based on supply and demand and allocates transactions accordingly. Bids and offers may be made and withdrawn at any time before the closing date of each auction."
The closing date of the first Asset Match share auction has not been determined but is expected to be in September.
Albert decided to leave the junior AIM market in July because it needed a strategic investor and such an investor would be less likely to step forward while the firm continued to trade on AIM.
Back in July, Albert Chief Executive Or Shani said: "To support further growth, it will be necessary to seek additional funds and the directors believe that it is in the best interests of the company to secure a strategic or financial investor with knowledge of the company's core markets. These types of investors are unlikely to be forthcoming whilst the company remains admitted to trading on AIM."