Business
Delisting Announcement
Delisting Announcement.
About this update from Angling Direct Plc
[{"type":"text","content":"\n \nANGELA FLOWERS GALLERY PLC\n\n24 November 2009\n\nWithdrawal from the PLUS market\n\nThe Board of Directors of Angela Flowers Gallery PLC (\"the Company\") has been\nreviewing the relative merits of maintaining a listing of the Company's shares\non the PLUS-quoted market (\"PLUS market\", formerly OFEX). Having given due\nconsideration to the advantages and disadvantages of the listing, the view of\nthe Board is that it would be more beneficial for the future of the Company and\nthe shareholders if the Company were to proceed to delist from the PLUS market.\nIt is planned that the shares will be withdrawn from trading on 9th December\n2009.\n\nReasons for the withdrawal\n\nThe Company originally listed on the PLUS market on 22nd May 1997 to create a\nmarket for its shares. The Company has raised equity on two occasions since its\nlisting with offers for subscription on 14th March 2002 and 18th December 2003.\nThe Company also issued equity in the Company to Nicholas Taylor when he was\nmade a Director on 13th December 2007. However, the Company now feels the\nburden of remaining on the PLUS market is too onerous.\n\nThe Board believes that the future development of the business should be\nfocussed firmly on achieving stability in a difficult economic climate and to\nminimise administrative and professional costs. As required the Company where\npossible would look to raise debt finance for its future requirements. The\nBoard considers that the cost of maintaining the listing does not currently\nrepresent best use of shareholders' funds, nor of management time.\n\nThe Board is of the view that the future development of the business is not\ndependant upon the maintenance of the PLUS market listing and that the business\nand shareholders will not be disadvantaged by the proposed move. The Directors\nbelieve that the Board and management should focus on the development of the\nbusiness and optimising shareholder value with minimum distractions from this\ngoal and therefore recommends that the Company's shares are withdrawn from\ntrading on the PLUS market.\n\nAlternative arrangements for dealing in the Company's shares\n\nFollowing the withdrawal from PLUS, no formal mechanism for trading in the\nCompany's shares will exist. Whilst there can be no guarantee that shareholders\nwill be able to sell any shares, any shareholder seek...