18th Mar 2016 13:29
LONDON (Alliance News) - Shipping company Hellenic Carriers Ltd Friday said it will put a proposed delisting from AIM to shareholders at an upcoming general meeting April 16.
The company said that the dry bulk shipping market has become increasingly challenging, with market conditions "probably the worst of the last 30 years".
"The adverse market conditions have made company losses unavoidable over the past few years. During the same period, there has been a significant fall in the company's ordinary share price, resulting in a shrinking market capitalization," Hellenic said.
Hellenic said it has concluded that it is not enjoying any of the benefits of being quoted on a public market, and considering the costs of maintaining a listing, it has "become evident that it would be economically sensible to proceed with the delisting".
The company must get at least 75% approval from shareholders at the general meeting to go ahead with the delisting. If so, it expects that its trading on AIM will cease at close of business April 19.
Shares in Hellenic were untraded Friday afternoon, having last closed at 3.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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