27th Aug 2025 11:37
(Alliance News) - Anexo Group PLC on Wednesday proposed the cancellation of its shares to trading on London's AIM market and received the backing of its largest shareholder.
The Liverpool, England-based integrated credit hire and legal services company said it would re-register as a private limited company after the cancellation to trading on AIM.
The proposals are subject to shareholder approval, with a general meeting to be held on September 12.
Anexo said it believes cancellation is in the best interest of the company. The resolution requires the consent of at least 75% of votes cast by shareholders at the general meeting.
Alabama Bidco Ltd owns around 76% of Anexo shares and said it will vote for cancellation. Therefore, it is expected that the proposals will pass for the company to delist and go private.
Anexo said the quotation has "failed to provide the company with access to the additional capital required to support growth".
"There is continued weak share price performance with an ongoing declining share price, limited trading liquidity in the ordinary shares and lack of institutional shareholder appetite for both the business and its sector," Anexo said.
It also noted "significant costs" in maintaining a quotation on the AIM market.
Shares in Anexo were down 1.5% at 39.40 pence in London on Wednesday morning.
By Michael Hennessey, Alliance News reporter
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