17th Oct 2018 12:53
LONDON (Alliance News) - Greka Drilling Ltd on Wednesday said shareholders have approved the cancellation of the company's stock listing on AIM market.
The stock was trading 13% lower on Wednesday at 0.71 pence per share.
The gas company confirmed that its shares will be cancelled on October 29, as its market capitalisation is "well below" the level at which it floated in 2011.
Further to this, Greka also said that the ongoing costs of maintaining an AIM listing are high relative to its market capitalisation, and that its shares suffer from a lack of liquidity.
Back in September, the company reported a widened pretax loss of USD3.3 million for the first half of 2018 compared to USD1.3 million loss delivered last year, after its Indian operations came to a standstill.
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Greka Drilling