20th Aug 2019 14:18
(Alliance News) - Marketing software developer Albert Technologies Ltd said on Tuesday shareholders have approved the firm's delisted from London's junior AIM market.
The company said in July it would be leaving AIM because it needed a knowledgeable investor and conceded one would not likely invest in the firm if it continues trading on the AIM.
Shareholders approved of the cancellation in an extraordinary general meeting on Tuesday with the last day of trading expected to be August 28, with the delisting effective on August 29.
Chief Executive Or Shani said in July: "Albert is a very different company to the one that listed on AIM four years ago. The company is now an early-stage disruptive technology company, targeting the enterprise market, and operating in an emerging technology environment.
"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."
Shares in Albert Technologies were down 18% at 3.50 pence each in London on Tuesday afternoon.