30th Jul 2019 15:23
(The company issued a correction to the date its share cancellation on AIM will become effective)
(Alliance News) - Marketing software developer Albert Technologies Ltd said Tuesday that it intends to cancel its shares on London's junior AIM market.
To secure further growth, the company said, it would need a knowledgeable investor and conceded that one would not likely invest in the firm if it continues trading on the AIM.
Albert Technologies said that should the proposal be approved by shareholders, the company's shares will cancelled from AIM with effect from August 29.
The company has scheduled an extraordinary general meeting on August 20, where it will seek shareholder approval for the delisting.
Chief Executive Or Shani said: "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 the company were down 6.6% at 4.25 pence each in London on Tuesday afternoon.