5th Sep 2019 17:14
(Alliance News) - Avanti Communications Group PLC on Thursday confirmed it will be de-listing from London's junior market following a shareholder vote.
Shares in Avanti Communications closed down 20% in London on Thursday at 0.25 pence each. In the past 12 months, Avanti's share have almost been wiped out, declining from 4.95p.
The satellite data communications services firm said it conducted a review of its business and felt de-listing from AIM was "in the best interests of the company and its shareholders".
Avanti believes its current share price "does not reflect the recent progress the company has made, the value of the group's satellite assets, or the current market opportunity".
At the general meeting, 92% of shareholders voted in favour of the cancellation. Avanti needed a 75% majority for the resolution to pass.
Avanti shares will be cancelled from AIM on September 18.