Shore Capital Group intends to delist its shares from London Stock Exchange

Maria Nikolova

The investment company will retain its listing on the Bermuda Stock Exchange.

Shore Capital Group Ltd (LON:SGR), an investment group specialising in capital markets, asset management and principal finance, has unveiled its plans to delist its shares from the AIM Market of the London Stock Exchange.

According to the Board, the Group has sufficient and significant capital to meet its growth ambitions, obviating the need to access new equity capital in the London markets by being admitted to trading on AIM. Further, the Board believes that a lack of liquidity underpins what the Board dubs a “mispricing of the Company’s equity”. This is said to be proven by the significant discount to NAV at which the shares trade.

Finally, according to the Board the cost and management time associated with maintaining the company’s AIM admission are considerable and disproportionate when compared to the advantages of retaining the AIM listing.

The Board’s delisting proposal will be put to vote at a General Meeting to be held at 10 am on October 15, 2019 at 3rd Floor, 1 Le Truchot, St Peter Port, Guernsey GY1 1WD.

The proposed cancellation is conditional upon the consent of not less than 75% of votes cast by shareholders at the General Meeting. Subject to Shareholder approval, it is expected that the admission of the ordinary shares to trading on AIM will be cancelled with effect from 7.00 am on November 1, 2019.

Shore Capital intends to keep its listing on the Bermuda Stock Exchange.

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