26th Feb 2016 10:27
LONDON (Alliance News) - Elephant Capital PLC, a private equity business with assets in India, on Friday said it will look to cancel its listing on London's AIM.
"Following consultation with the company's advisers, the board has concluded that the cost savings resulting from delisting outweigh the potential benefits of maintaining the admission of the company's ordinary shares to trading on AIM and, therefore, it is no longer in the interests of the company or its shareholders as a whole for the ordinary shares to remain traded on AIM," Chairman Vikram Lall said.
"A resolution seeking shareholders' approval for the proposed delisting will be proposed at this year's annual general meeting," Lall said.
The AGM is scheduled for April 1.
Elephant Capital said its net asset value per share was 36 pence on August 31, the end of its last financial year. The NAV per share was unchanged from February 28, 2015 and up from 35p on August 31, 2014. The company returned GBP1.0 million to shareholders through a share buyback programme in March 2015.
"Our strategy remains unchanged - that is to realise the remaining investments in the interests of shareholders and to return cash to shareholders. Implementing this strategy has been difficult and efforts by the investment manager to dispose of the three remaining active investments have not yet been successful," Lall said.
Shares in Elephant Capital were down 6.7% at 14.00 pence on Friday morning.
By Samuel Agini; [email protected]; @samuelagini
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