London Capital Group Holdings Plc will seek shareholder approval to cancel the trading in its ordinary shares on the London Stock Exchange's AIM segment.
The company said its decision followed discussions with representatives of its largest shareholder, GLIO Holdings, and took into account the cost of maintaining trading in its ordinary shares on AIM and the limited liquidity in the shares, among other things. GLIO Holdings concluded that the NEX Growth Market, where London Capital Group's shares were recently admitted, would be a more appropriate market for the company's shares to be traded on.
Cancellation of trading on the AIM will be conditional on the consent of at least 75% of votes cast by London Capital Group's shareholders at a planned general meeting in the coming weeks. GLIO Holdings, which owns 78.14% of London Capital Group's issued share capital, intends to vote in favor of the cancellation.