14th Jan 2025 11:31
(Alliance News) - Merit Group PLC shares plunged on Tuesday as it received a letter from a major shareholder to requisition a general meeting to consider delisting the company from the AIM market.
The data technology company based in The Shard in London said the shareholder, Michael Ashcroft, holds a 42.0% stake in the company.
Shares in Merit Group were down 18% to 25.00 pence in London on Tuesday morning.
Ashcroft, the former deputy chair of the Conservative Party, has requested the meeting to consider delisting the company from the AIM market on or prior to March 1.
Merit said shareholders are advised to take no action at this time, with further announcements to come.
In November, the company said it swung to a pretax loss of GBP224,000 during the six months to the end of September, from a profit of GBP529,000 the year before.
The company said it was confident of returning to growth in the 2026 financial year.
By Michael Hennessey, Alliance News reporter
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