15th Jul 2019 17:46
(Alliance News) - Mortice Ltd said Monday cancelling its shares on London's AIM are in the "best interests" of the company's shareholders.
Mortice will hold an extraordinary meeting on August 7 and will recommend shareholders vote in favour of the cancelling the company's shares.
"An explanatory circular will be posted to shareholders today setting out the background to and reasons for the cancellation, the reasons why the directors believe that this is in the best interests of the company and its shareholders as a whole and their recommendation to shareholders to vote in favour of the resolution to approve the cancellation," the company explained in its statement Monday.
If the resolution is passed, the company's shares will be cancelled from AIM on August 23.
Mortice noted that shareholders may not be interested in holding shares in an unquoted company. As such, Mortice will place an order with its broker, finnCap Ltd, to acquire any shares for 12.00 pence. Shares in Mortice closed 9.1% higher in London on Monday at 12.00p each.