PLUS no longer cost-effective, says ANS

ANS Group, the Manchester-based software firm founded by Scott Fletcher, has announced its intention to withdraw from the PLUS market.

In a statement, the company said that its directors “have concluded that the costs of maintaining a listing are no longer matched by the benefits to the company”. It is proposing that shares in the business are delisted by close of play on 16 June.

The company, which currently has a market cap of around £15m, has said that it will make an offer to shareholders who do not wish to carry on owning part of an unlisted company.

It also added that it wants to put incentive plans in place for directors and senior employees which would not be appropriate for a listed company as it could dilute shareholdings of other investors.

The firm will need the agreement of the mergers and takeovers panel that the delisting does not constitute an offer for the company’s shares by Fletcher. Under PLUS market rules, shareholders have also been given 10 business days to register any objection before the shares are withdrawn.