7th Feb 2020 11:29
(Alliance News) - Shares In Hansteen Holdings PLC, CloudBuy PLC and Abal Group PLC have been cancelled from trading on the London Stock Exchange with effect on Friday.
Real estate investment trust Hansteen said that its shares were cancelled following its takeover by Potter UK Bidco Ltd. On Thursday, the trust said that a court scheme sanctioning the transaction was received by the Registrar of Companies, confirming the acquisition.
Shares in the e-commerce business-to-business marketplace cloudBuy were cancelled after a resolution to cease trading was approved by shareholders in January. The company said that the cancellation was "in the best interest of shareholders after considering, amongst other things, the costs of maintaining trading in the ordinary shares on AIM and the limited free float and liquidity in the ordinary shares".
Shares in cash shell Abal were suspended from trading in August after it failed to undertake a takeover within the required time frame.
Under AIM rules, cash shells have six months to complete an acquisition which constitutes a reverse takeover or raise GBP6 million to become an investment company. Failure to do so results in shares being suspended. Failure to complete a takeover after the expiry of a further six months leads to the company's shares being cancelled.
Shares in all three companies have now ceased to be traded effective immediately.
By Ife Taiwo; [email protected]
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