18th Dec 2024 09:00
(Alliance News) - London Finance & Investment Group PLC on Wednesday said it plans to delist from the London Stock Exchange and Johannesburg Stock Exchange and return cash to its shareholders.
The London-based investment finance and management company holds strategic investments in companies such as Western Selection PLC.
London Finance & Investment proposes to cease its investment activities early in the new year and to return cash of about 70 pence per share to its shareholders.
Shares in London Finance & Investment were up 15% to 70.00p in London on Wednesday morning. In Johannesburg, they were unchanged at ZAR15.50.
Early last month, London Finance & Investment said various considerations and analysis including the rising cost of being a listed company had led to its board to decide to dispose of its stock market investments.
The return to shareholders is expected to be effected by means of a court approved capital reduction and the proposals will include the cancellation of admission to trading on the LSE and the JSE, the company said.
"Following completion of the proposals, the board intends to undertake an orderly winding up of the company," it said.
Details of these proposals will be set out in a circular to shareholders which is expected to be published in January next year.
By Artwell Dlamini, Alliance News reporter
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