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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Black Arrow | LSE:BLKA | London | Ordinary Share | GB0001014975 | ORD 20P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 52.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMBLKA RNS Number : 4539E Black Arrow Group PLC 21 December 2009 21 December 2009 Black Arrow Group plc ('BAG' or the 'Company') PROPOSED CANCELLATION OF ADMISSION TO TRADING ON AIM The Board of the Company has decided to seek shareholders' approval for the cancellation of the Company's admission to trading on AIM ("Cancellation").The Board is concerned by a number of factors, including the relatively small total market capitalisation of the Company, the small free float, the limited trading volumes in the Company's shares, the significant costs of compliance with the AIM Rules, and the considerable amount of senior management's time consumed in maintaining a public listing, at the expense of the Company's day-to-day operations. The Board has undertaken a review, which has included consultation with the Company's advisers and has come to the view that it is no longer in the Company's best interests to maintain the admission of the Company's shares to trading on AIM. Following the Cancellation Following the cancellation of trading in the Company's shares on AIM, the shares will not be traded on any public market. The Company will not be bound to announce material events, interim or final results, nor to comply with any of the corporate governance requirements for quoted companies. However, the Board wishes to assure shareholders that they remain committed to a high level of transparency and do not intend the Cancellation to impact on the level of disclosure of material events currently made to Shareholders. As such, the board will post relevant information on the Company's website. They will also hold annual and general meetings in accordance with statutory requirements and the Company's articles, and will continue to send shareholders copies of the Company's audited accounts. Following the Cancellation of trading in the Company's shares on AIM, the shares will not be listed on any public market.The Board is aware though that following the Cancellation shareholders may still wish to acquire or dispose of shares and, accordingly, the Company intends to explore the possibility of establishing an appropriate mechanism to allow shareholders to buy and sell shares off market at an agreed price. Further details of any such mechanism will be circulated in due course. General Meeting Under the AIM rules, it is a requirement that Cancellation of the admission to trading on AIM must be approved by not less than 75 per cent of those present and entitled to vote or voting by proxy at the General Meeting. This majority is required by rule 41 of the AIM Rules. The Board is proposing to convene a General Meeting for 12 noon on 29 January 2010 at the Company's head office at 155-157 Staines Road, Hounslow, Middlesex, TW3 3JB at which the necessary resolution to effect the delisting will be put to the shareholders of the Company. If the Cancellation Resolution is passed by the requisite majority, it is expected that Cancellation will become effective from 7.00 am on 8 February 2010. The Company has informed the London Stock Exchange of this preferred cancellation date. The Board will shortly post a circular to shareholders setting out further details of the proposed Cancellation and convening the required General Meeting. Shareholders should note that following Cancellation the Company will remain subject to the provisions of The City Code on Takeovers and Mergers, on the basis set out in those provisions. However, the regulatory regime imposed through the AIM Rules, which applies solely to companies with shares trading on AIM, will no longer apply. Enquiries: Black Arrow Group 0208 572 7474 Ronald Waxman, Finance Director Nominated Adviser WH Ireland Limited David Porter 0207 220 1666 This information is provided by RNS The company news service from the London Stock Exchange END MSCTBBMTMMMTBJL
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