2nd Mar 2020 16:43
(Alliance News) - MXC Capital Ltd on Thursday said shareholders at a general meeting approved the resolution to cancel its shares from being traded on London's AIM.
In February, the technology-focused investor said it would seek shareholder approval to cancel its shares from trading in a bid to save costs and because its stock "traded at a notable discount" to its net asset value.
The company said it could save GBP300,000 a year if it cancelled its listing. The amount includes fees paid to Peter Rigg and Simon Freer, two directors who will step down should the cancellation become effective.
At the end of the 12 months to August 31, MXC Capital shares were trading at a 22% discount to its net asset value. In financial 2018, its shares ended at a 33% discount and at the end of financial 2017, a 27% discount.
The stock closed 2.0% lower at 50.00 pence each in London on Monday, a 58% discount to its 117p NAV at August 31.
On Monday, shareholders approved the cancellation. The last day of dealings in the company's ordinary shares on AIM will be March 13 and the effective date of the cancellation will be March 16.
By Ife Taiwo; [email protected]
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