Albert Technologies amends timetable for proposed delisting from LSE
If the shareholders approve the delisting, it is anticipated that trading in Albert’s ordinary shares on AIM will cease at close of business on August 28, 2019.
AI marketing expert Albert Technologies Ltd (LON:ALB) has earlier today amended the timetable related to the proposed cancellation of admission to trading on AIM.
Let’s recall that, on July 16, 2019, Albert Technologies announced its plans to delist from LSE’s AIM. 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 the announcement issued today, Albert Technologies advises that in the event that Shareholders approve the Delisting at the Extraordinary General Meeting on August 20, 2019, it is anticipated that trading in the Ordinary Shares on AIM will cease at close of business on August 28, 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 29, 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”.
