Notice of de-listing
10 Fevereiro 2009 - 10:41AM
UK Regulatory
TIDMCTNO
RNS Number : 0871N
Cantono PLC
10 February 2009
Cantono PLC ("Cantono" or the "Company")
10 February 2009
Notice of de-listing
The Company announces that a circular was sent to shareholders yesterday to
convene a general meeting for 25 February 2009 to seek shareholder approval for
the cancellation of admission to trading of the Company's ordinary shares of 1p
each ("Ordinary Shares") on the AIM market of the London Stock Exchange ("the
Resolution"). Subject to the passing of the Resolution by shareholders, the
Company's shares will de-list on 11 March 2009.
Following careful consideration, the directors of the Company ("the Directors")
have concluded that it is no longer in the best interests of the Company or its
shareholders to maintain the admission to trading on AIM of the Ordinary Shares.
The current economic crisis has led to significant falls in the values of the
global stock markets, which have been exaggerated in small cap, low liquidity
stocks.
It is the opinion of the Directors that in the acute stock market turmoil the
Company's current market capitalisation has become completely disassociated from
the inherent value of the Company. Whilst there are many factors affecting a
company's share price the generally depressed nature of the IT sector has been
compounded by the Company's small free float resulting in very low liquidity.
This is evidenced by the fact that the Company's share price has declined by
almost 96 % between 13 February 2008 and 6 February 2009, being the latest
practicable date prior to the date of this document, with an average daily
volume of less than 0.13% of the issued Ordinary Shares being traded during that
same period.
The Directors also believe that the Company's continued admission:
* results in significant direct costs to the Group, which management estimate to
be in excess of GBP200,000 per annum;
* results in a disproportionate amount of senior management time being spent in
meeting the AIM Rules and related regulatory requirements, including reporting,
disclosure and corporate governance requirements; and
* may no longer serve a useful function in terms of access to capital or the
ability to use the shares of the Company to effect acquisitions.
For the reasons set out above, the Directors consider that the cancellation will
promote the success of the Company and is in the best interests of the Company
and its shareholders as a whole. Accordingly, the Directors unanimously
recommend Shareholders to vote in favour of the Resolution as they have
irrevocably undertaken to do so in respect of their own beneficial holdings of
762,561 Ordinary Shares, representing approximately 2.54 per cent. of the entire
issued share capital of the Company.
For further information please contact:
Cantono PLC
Eamus Halpin, Chief Executive 01895 444 420
Brewin Dolphin Investment Banking
Neil Baldwin, Director 0845 270 8612
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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