We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Shore Capital Group Limited | LSE:SGR | London | Ordinary Share | GG00BGCZJ741 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 222.50 | 145.00 | 300.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSGR
RNS Number : 7056N
Shore Capital Group Limited
26 September 2019
Shore Capital Group Limited
("Shore Capital," the "Group" or the "Company")
Proposed cancellation of admission of ordinary shares to trading on AIM and Notice of General Meeting
Shore Capital, the independent investment group specialising in capital markets, asset management and principal finance, today announces its intention to seek shareholder approval to cancel its admission of ordinary shares to trading on the AIM Market of the London Stock Exchange, (the "Cancellation").
Having considered the merits of maintaining the Company's admission to trading on AIM, the Board believe that its proposal is beneficial on the basis that:
-- 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.
-- A lack of liquidity underpins what the Board believes to be a mispricing of the Company's equity, evidenced by the substantial discount to NAV at which the shares trade. The strength of the Directors' and senior management's belief in this mispricing and the future prospects of the Company is evidenced by their significantly increasing their holding by c.14% since the beginning of 2017, to a total of over 67%.
-- The considerable cost and management time associated with maintaining the Company's AIM admission are, in the Director's opinion, disproportionate to the benefits to the Company in retaining it.
The Company is retaining its listing on the Bermuda Stock Exchange (Ticker: SGR.BH). Bermuda is a designated recognised stock exchange, enabling shareholders to maintain their shareholdings in their ISA wrappers, and a facility to continue dealings in their shareholdings.
The proposed Cancellation is conditional upon the consent of not less than 75% of votes cast by shareholders at a 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 1 November 2019. A circular has been posted to shareholders containing further information.
Notice of General Meeting
The Board's delisting proposal will be put before a shareholder vote at a General Meeting to be held at 10 am on 15 October 2019 at 3rd Floor, 1 Le Truchot, St Peter Port, Guernsey GY1 1WD. The notice of the General Meeting and form of proxy have been posted to shareholders and are available to view on the Company's website at www.shorecap.gg.
- Ends -
Enquiries:
Shore Capital +44 (0) 20 7468 4050 Simon Fine, Co-Chief Executive David Kaye, Co-Chief Executive Lynn Bruce, Director +44 (0) 14 8172 8902 Grant Thornton UK LLP (Nominated Adviser) Philip Secrett Jamie Barklem +44 (0) 20 7383 5100 Montfort Communications (Public Relations) Olly Scott +44 (0) 78 1234 5205
The information contained within this announcement is deemed to constitute inside information under the Market Abuse Regulations (EU) No. 596/2014.
About Shore Capital
Shore Capital is an independent investment group. Founded and majority owned by entrepreneurs, for over three decades Shore Capital has been helping entrepreneurial businesses reach their full potential, find committed long-term investors and develop into significant enterprises. The business offers innovative corporate advice; a leading market making business; some of the most respected investment research available in the UK; and a diverse range of high-quality investment opportunities, including its hugely successful VCTs and principal finance activities.
The Group is based in Guernsey, London, Liverpool, Edinburgh and Berlin. Shore Capital Stockbrokers Limited, Shore Capital and Corporate Limited, Stockdale Securities Limited, Shore Capital Limited and Puma Investment Management Limited are each authorised and regulated by the Financial Conduct Authority. Shore Capital Stockbrokers Limited is a member of the London Stock Exchange.
www.shorecap.gg
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
NOGZMGZLGKZGLZZ
(END) Dow Jones Newswires
September 26, 2019 02:04 ET (06:04 GMT)
1 Year Shore Capital Chart |
1 Month Shore Capital Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions