A number of shareholders have been asking about the Companies plans for continued listing. In response to the latest rule changes announced by the FSE in April, the company has been investigating all available options to ensure any decisions made are in the best interests of its shareholders.
The latest FSE rule changes require every company wishing to remain on the FSE to upgrade to the Entry Standard. We understand the result of this will see many companies currently listed on the FSE being unable to remain listed after December 15th 2012. Whilst the company wishes to remain on the FSE, the rule changes require a nominal share value of €1.00. In order to meet this requirement, the company would have to perform a capital reconstruction from its current nominal share value of £0.01 and do a reverse split of approximately 80:1. After receiving valued feedback from many shareholders, it is clear that reducing the number of every shareholders holding by 80 times is not in the best interests of the shareholders. As well as a probable reduction in the value of every shareholders holding, it would also leave the stock with little liquidity.
Therefore the company directors, its advisors and the management board have concluded, after considerable deliberation, that it is in the best interests of its shareholders to submit listing applications to alternative exchanges in order for the company to remain listed. The company deems this action to be in the best interests of its shareholders and its staff.
The Company has already retained a Frankfurt based Securities trading Bank to take care of the alternative listing Exchange places. Details of which Exchange submissions are to be made will be announced shortly after the formal submissions have taken place and this is expected to be within the next two weeks.