30th Apr 2019 14:04
LONDON (Alliance News) - Eight Peaks Group PLC and Chagala Group Ltd on Tuesday announced plans to leave the London Stock Exchange.
Shareholders of investment firm Eight Peaks will vote on whether to leave AIM on May 16. If passed, the company expects its shares to stop trading on May 31.
"The directors consider these proposals to be in the best interest of shareholders after considering, amongst other things, the costs of maintaining trading in the ordinary shares on AIM and the limited free float and liquidity in the ordinary shares and intend to vote in favour of the resolutions at the general meeting," said Eight Peaks.
In a similar vein, Kazakhstan-focused oil and gas investor Chagala will depart the London Main Market on June 3, with the company again believing the costs of maintaining the listing are not worth it given the stock's low liquidity.
Eight Peaks was 63% lower Tuesday at 3.50 pence a share, with Chagala untraded, last quoted at 0.35p.