24th Apr 2014 11:39
LONDON (Alliance News) - Specialist technology and services company Molins PLC Thursday announced plans to move to the AIM market from the London main market, while saying its expectations for 2014 are unchanged.
Molins said that its trading in the year to date had been as expected, with sales in line with 2013. Order intake was behind 2013, Molins said, but it noted that its order prospects were "strong" and would close the difference.
The company intends to move to AIM on June 19, saying it believes the smaller-company market will benefit its business because it has lower transaction costs, ongoing costs, and has simpler administration and regulatory requirements. The market is more appropriate for a company of Molins' size, it said.
Molins expects the transfer to AIM will make it easier to fund acquisitions compared to an official listing.
The transfer is subject to at least 75% shareholder approval and will be put forward at a general meeting on May 20.
Shares in Molins were trading down 4.0% at 153.10 pence Thursday midday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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