Business
Proposed Cancellation of Listing
Proposed Cancellation of Listing.
About this update from Sylvania Platinum Ltd.
[{"type":"text","content":"\n \n \n\n 29 January 2009\n\n Silentpoint plc \n\n (Silentpoint, the `Company') \n\n Proposed cancellation of admission to trading on AIM \n\nSilentpoint plc, (AIM: SLP), an investment company, announces that an\napplication has been made today for the cancellation of admission to trading on\nAIM of its ordinary shares (the \"Cancellation\"), subject to the approval of the\nCompany's shareholders. The Company will post a circular to its shareholders\nlater today to convene a general meeting to be held on 20 February 2009 ('GM')\nin order to consider a special resolution to approve the Cancellation.\n\nIt is expected that, subject to shareholder approval at the GM, the\nCancellation will take effect at 7.00 am on 27 February 2009.\n\nFull details of the reasons behind the decision to propose the Cancellation to\nshareholders, including details of what action shareholders should take, are\nset out in the circular which has been posted to shareholders today.\n\nIn summary, the board of directors of the Company (the 'Directors') have been\nconsidering for some time the merits or otherwise of the Company's Ordinary\nShares continuing to trade on AIM. The following factors were taken into\naccount during their review:\n\n * the current economic turmoil has led to major falls in the values of the\n global stock markets, from which Silentpoint is not immune. The Directors\n believe that the stock market operates on a short-term investment horizon\n which can have little basis in the underlying fundamentals of a business\n such as Silentpoint. The susceptibility of the share price to market\n conditions is not to the benefit of the business;.\n \n * Silentpoint, like most other small cap listed companies is unable to raise\n capital from institutional investors, as they appear to be uninterested in\n committing funds to companies in the small cap sector . The Directors do\n not expect this situation to change in the foreseeable future especially in\n the light of the present problems of the stock market;\n \n * the low liquidity of shares in Silentpoint leads to a volatility in the\n share price, which may not reflect the true worth of the business;\n \n * the costs, management time and regulatory burdens associated with\n maintaining an AIM listing compared to the resources available to the\n Company;\n \n * the ability of the Company ...