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Morses Club PLC on Thursday announced it is set to wave goodbye to London’s junior AIM market.
The Nottingham-based doorstep lender believes its ‘most likely’ source of future funds will come from private capital. Its directors performed a review outlining the benefits and drawbacks of retaining an AIM listing.
Morses said a general meeting on the cancellation of its shares and re-listing as a private company will take place on February 3.
‘Their belief that continued admission to trading on AIM no longer sufficiently provides the company with the advantage of providing access to capital in the medium to longer-term, nor, in the opinion of the directors, provides significant liquidity to investors,’ Morses said.
It said it has support from 51% of shareholders already for the delisting, which requires 75% support at least.
Morses shares fell 53% to 0.55 pence each on Thursday afternoon in London.
By Tom Budszus, Alliance News reporter
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