Sportech leaves London Stock Exchange as shares go live on AIM
Sportech has announced its ordinary shares are now available on AIM as of 8am on 28 July.
The organisation also confirmed that “simultaneously, the admission of the company’s ordinary shares on the official list of the Financial Conduct Authority and to trading on the main market of London Stock Exchange has been cancelled.”
Sportech’s ordinary shares will continue to trade under the TIDM “SPO”, whereas the LEI and ISIN will also remain the same.
Earlier in June, the company announced it will stop trading on the main market of the London Stock Exchange (LSE) and instead join the AIM market.
The company planned on cancelling its ordinary shares worth £0.20 ($0.28) and, as of Wednesday morning, Sportech’s plans have come to fruition.
Sportech directors believe the AIM market is more suited to the firm’s current size and strategy; according to its board AIM can offer greater flexibility in terms of corporate transactions.
The company had recently reported a 41% drop in revenue, and also sold off a number of businesses and properties to help recover from the impact of the Covid-19 pandemic.
Due to this decision, the company held a general meeting in its offices in Edinburgh on 29 June, where it hoped to seek approval and meet the 75% threshold set out in the company rules.
The meeting resulted in a 99% vote which approved the decision to leave the LSE.
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