31st May 2016 07:44
LONDON (Alliance News) - Norcon PLC on Tuesday said it is proposing to cancel trading of its shares on AIM, following a review of the benefits and drawbacks of being a quoted company.
The communications network firm said it concluded after the review that cancellation of trading on AIM "is in the best interests of the company and its shareholders as a whole".
Norcon will seek shareholder approval for cancellation at an extraordinary general meeting on June 29.
The company said it has received irrevocable undertakings from Executive Chairman Trond Tostrup, Executive Director Gaute Vik, Non-Executive Director Jorn Longem and major shareholder Norconsult Telematics Holdings Ltd, to vote in favour of the resolution.
Norconsult is controlled by Longem, while Tostrup, Vik and Chief Financial Officer Arne Dag Aanensen are directors of the company. It will buy up to 8 million Norcon shares at 19 pence each on Tuesday.
Subject to the resolution being passed, shares in Norcon are expected to cease trading on July 6.
Shares in Norcon were trading up 5.6% at 19.00 pence on Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.