17th Oct 2022 09:40
(Alliance News) - Abcam PLC on Monday proposed delisting from AIM in London and retaining a sole listing on Nasdaq in New York.
Abcam is a Cambridge-based life science research software firm.
Should the proposal be backed by shareholders at a general meeting called for November 11, its final day of AIM trading will be on December 13.
"Delisting from AIM would remove certain complexities and duplication that comes with administering two listing regimes. For example, by simplifying shareholder communications and compliance with regulatory requirements and by reducing associated costs and demand for internal resources," Abcam said.
"The board expects that a Nasdaq-only listing structure will continue to attract the appropriate investor base and investment style, maximizing the company's ability to access deeper pools of capital, reflecting the company's global presence and aligning more closely with its peers in the global life science tools industry."
Chief Executive Officer Alan Hirzel commented: "With the change, we see a path to creating value by increasing stock trading liquidity for our current and potential shareholders. We are grateful to have the support from current shareholders for our proposal and look forward to attracting new life science investors to the Abcam story."
Nasdaq is home to many life sciences and biotechnology firms. Abcam is by market capitalisation currently the largest AIM constituent, with a market capitalisation of GBP3.05 billion. The company started trading on AIM in November 2010.
Abcam shares fell 0.9% to 1,332.00 pence each in London on Monday morning.
Abcam's departure will leave Keywords Studios PLC as the largest AIM listing, with a market cap of GBP1.74 billion.
By Tom Budszus; [email protected]
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