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Vimetco seeks shareholder approval to delist from main LSE market

Vimetco NV is seeking shareholder approval to delist its global depository receipts from the London Stock Exchange's main market at an extraordinary general meeting scheduled for May 8.

The effective cancellation date is anticipated to be on or around June 6.

The company attributed the decision to poor trading performance, low liquidity and low market capitalization of the receipts. The company's market capitalization dropped by 98% to about US$43.9 million at the last closing trade price when compared to the offer price in the IPO.

The board has recommended that shareholders approve the delisting proposal.

Vimetco is an integrated producer of primary and processed aluminum products, with production assets in China and Romania.