AI marketing expert Albert Technologies plans to cancel admission to trading on AIM
In case the shareholders approve the delisting, the trading in the ordinary dhares on AIM will cease at close of business on August 27, 2019.
Albert Technologies Ltd (LON:ALB) today announces that it is proposing to cancel the admission to trading on AIM of its ordinary shares.
An Extraordinary General Meeting will be held at Bryan Cave Leighton Paisner LLP, Adelaide House, London Bridge, London, United Kingdom EC4R 9HA at 10 am on 20 August 2019, at which the approval of shareholders of the delisting will be sought. In case the shareholders approve the delisting it is anticipated that trading in the ordinary shares on AIM will cease at close of business on August 27, 2019 and cancellation of admission to trading on AIM of the Ordinary Shares will become effective at 7:00 a.m. UK time on August 28, 2019.
Commenting on the proposal, Or Shani, CEO of Albert Technologies said:
“Albert is a very different company to the one that listed on AIM four years go. The Company is now an early-stage disruptive technology company, targeting the enterprise market, and operating in an emerging technology environment.
“It will be necessary to seek additional funds and the Directors believe that it is in the best interests of the Company to secure a strategic or financial investor with knowledge of the company’s core markets, who can assist the Company with accelerating the distribution of the company’s proprietary technology, expand its revenue growth and increase its market penetration in the enterprise market. These types of investors are unlikely to be forthcoming whilst the company remains admitted to trading on AIM.“
Lisa Gordon, Chair of Albert Technologies, said:
“The Directors believe the current market valuation does not reflect the Albert’s market opportunity, the value of its technology, its current and potential client list, and the overall progress we have made in the enterprise market in the last two years. On the contrary, the Board believes it negatively impacts the company’s business, its potential for growth and our ability to raise necessary further funding through the public markets is significantly constrained. As a result, we do not believe that remaining listed on AIM is in the best interests of the Company and its shareholders”.
In May this year, Albert provided an update on trading for the first four months of the current financial year and on the expectations of the Company’s management for the year as a whole. The company said back then that revenue growth in the year to date has been slower than anticipated, principally as a result of longer ramp up time with the Enterprise clients, such that revenues are similar to those for the first four months of 2018. The company’s management said it expected growth to pick up in the next months based on their assessment of the existing client base and the sales pipeline.