Business
Cancellation of Listing and Admission to AIM
Cancellation of Listing and Admission to AIM.
About this update from Ixico Plc
[{"type":"text","content":"\n \nRNS Number : 7177J Phytopharm PLC 19 July 2013 \n\n \n \n19 July 2013\n \n \nProposed Cancellation of Listing and Admission to AIM\n \nPhytopharm plc announces that it will today post a circular to shareholders convening a General Meeting to be held at the Company's offices, Lakeview House, 2 Lakeview Court, Ermine Business Park, Huntingdon, Cambridgeshire PE29 6UA at 10 a.m. on 5 August 2013 at which it will seek shareholder approval for the proposed cancellation of admission to the premium segment of the Official List and to trading on the London Stock Exchange's Main Market for listed securities and detail its intention to apply for admission to AIM, adoption of an Investing Policy and undertake a share capital consolidation.\nThe circular will be available shortly on the Company's website at www.phytopharm.com and will be submitted to the National Storage Mechanism where it will shortly be available at www.morningstar.co.uk/uk/nsm\nBackground to and reasons for Cancellation and Admission\nOn 21 May 2013, the Company announced that it had signed heads of terms in connection with the possible acquisition of a revenue generating UK-based private company in the healthcare sector. Whilst the Board initially was planning to seek shareholder approval for the acquisition of the a revenue generating UK based private company in the healthcare sector at a General Meeting to be convened in due course, after which the Company also expected to delist from the Main Market and seek admission of the enlarged share capital to trading on AIM, the Board and the Target believe that there are a number of benefits from transferring the Company's quote to AIM before a definitive agreement is reached with the Target. Upon Admission to trading on AIM, the Board expects the Company to be classified as an Investing Company (defined as an AIM company which has as its primary business or objective, the investing of its funds in securities, businesses or assets of any description).\nThe Board believes that AIM is a more appropriate market for a company of Phytopharm's size and that a transfer of the Existing Ordinary Shares to trading on AIM should lead to lower ongoing costs associated with being a publicly quoted company and a simplification of the Company's administrative and regulatory requirements. It also believes...