Allied Healthcare Plans Cancellation of Admission

 

TIDMAHI 
 
RNS Number : 5961O 
Allied Healthcare International Inc 
01 July 2010 
 

Allied Healthcare International Inc. Announces Intended Cancellation of 
Admission to Trading of Depository Interests on AIM 
 
NEW YORK, NY--(Marketwire - July 1, 2010) - Allied Healthcare International Inc. 
(NASDAQ: AHCI) (AIM: AHI) ("Allied"), a leading provider of flexible healthcare 
staffing services in the United Kingdom, announces today that it has requested 
the cancellation of admission to trading of its depository interests on the 
Alternative Investment Market (AIM) of the London Stock Exchange. Cancellation 
will become effective as of 7:00 a.m., U.K. time, on August 20, 2010 (the 
"Effective Time"). The depository interests will trade on AIM through the close 
of business on August 19, 2010. Each depository interest represents one share of 
common stock of Allied. 
 
The shares of common stock of Allied will continue to trade on the Nasdaq Global 
Select Market after the cancellation of admission to trading on AIM of the 
depository interests. 
 
Allied's depository interests were admitted to trading on AIM in December 2005 
in the expectation (among other reasons) that the quotation would provide an 
additional source of liquidity for investors who wished to own an equity 
position in Allied. Allied also anticipated that the admission to trading on AIM 
of its depository interests would enable it to access the capital markets in the 
U.K. and provide it with an enhanced ability to undertake acquisitions. However, 
there have never been more than ten holders of depository interests at any one 
time and there are currently only eight holders of depository interests. As a 
result, Allied has not realized the benefits it anticipated at the time of 
admission. In light of this and the costs and additional regulatory burdens 
associated with continued admission of its depository interests, the board of 
directors of Allied has determined to request the cancellation of admission to 
trading on AIM of its depository interests as of the Effective Time. 
 
At the Effective Time, the Deed that established the depository interests will 
be terminated and the depository interests will cease to exist. Prior to the 
Effective Time, holders of depository interests will be able to trade their 
depository interests on AIM or transfer their depository interests into an 
identical number of shares of common stock of Allied. In the event that any 
holder of depository interests has not transferred its depository interests into 
shares of common stock prior to the Effective Time, at the Effective Time the 
depository will cause any holder of then-outstanding depository interests to be 
registered on the stockholders' list of Allied as a holder of an identical 
number of shares of common stock of Allied. Allied will send to the current 
holders of depository interests a letter explaining their options for converting 
depository interests into shares of common stock. 
 
About Allied Healthcare International Inc. 
 
Allied Healthcare International Inc. is a leading provider of flexible 
healthcare staffing services in the United Kingdom. Allied operates a 
community-based network of over 110 branches with the capacity to provide carers 
(known as home health aides in the U.S.), nurses, and specialized medical 
personnel to locations covering approximately 90% of the U.K. population. Allied 
meets the needs of private patients, community care, nursing and care homes, and 
hospitals. For more news and information please visit: www.alliedhealthcare.com. 
 
Forward-Looking Statements 
 
Certain statements contained in this news release may be forward-looking 
statements. These forward-looking statements are based on current expectations 
and projections about future events. Actual results could differ materially from 
those discussed in, or implied by, these forward-looking statements. Factors 
that could cause actual results to differ from those implied by the 
forward-looking statements include: general economic and market conditions; 
Allied's ability to continue to recruit and retain flexible healthcare staff; 
Allied's ability to enter into contracts with local government social services 
departments, NHS Trusts, hospitals, other healthcare facility clients and 
private clients on terms attractive to Allied; the general level of demand for 
healthcare and social care; dependence on the proper functioning of Allied's 
information systems; the effect of existing or future government regulation of 
the healthcare and social care industry, and Allied's ability to comply with 
these regulations; the impact of medical malpractice and other claims asserted 
against Allied; the effect of regulatory change that may apply to Allied and 
that may increase costs and reduce revenues and profitability; Allied's ability 
to use net operating loss carry forwards to offset net income; the effect that 
fluctuations in foreign currency exchange rates may have on our 
dollar-denominated results of operations; and the impairment of goodwill, of 
which Allied has a substantial amount on the balance sheet, may have the effect 
of decreasing earnings or increasing losses. Other factors that could cause 
actual results to differ from those implied by the forward-looking statements in 
this press release include those described in Allied's most recently filed SEC 
documents, such as its most recent annual report on Form 10-K, all quarterly 
reports on Form 10-Q and any current reports on Form 8-K filed since the date of 
the last Form 10-K. Allied undertakes no obligation to publicly update or revise 
any forward-looking statements, whether as a result of new information, future 
events, or otherwise. 
 
CONTACT 
Allied Healthcare International Inc. 
 Sandy Young 
 Chief 
Executive Officer 
 Paul Weston 
 Chief Financial Officer 
 +44 1785 
810600 
 
 Or 
 
 Piper Jaffray Ltd. (Nominated Advisor) 
 Matthew 
Flower 
 Rupert Winckler 
 [phone] 
 
 Or 
 
 ICR 
Inc. 
 Sherry Bertner 
 Managing Director 
 +1 646 277 
1200 
[e-mail] 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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