Eagle-i leaves AIM after six-month suspension

EAGLE-I Holdings, the developer and supplier of vehicle positioning and fleet management technology, had its shares delisted today.

Shares in the Runcorn company had been suspended for six months and under AIM rules this leads to an automatic disqualification.

Eagle-i’s chief executive Ian Walmsley said the move would enable the company to make new financing arrangements and move forward without the regulatory costs associated with a public listing.

He said: “Whilst cancellation regrettably means that shareholders will no longer be able to trade in the company’s shares on AIM, the board considers that this outcome facilitates an important capital reconstruction of the business, including the provision of new lines of debt and equity funding, which is currently under negotiation and is expected to be completed once the company has been re-registered as a private limited company.” 

He added: “It will also enable management to focus on the company’s next stage of development without the associated regulatory and advisory overhead.”

Eagle-i’s shares were suspended after it received a demand for the repayment of certain liabilities. Since then management have reorganised the business and in August the board put the Eagle-i Telematics subsidiary into administration.