Astek plans to delist
CHESHIRE dental products group Astek is seeking shareholder approval to delist from the Alternative Investment Market (AIM).
The loss-making business, which has complained about the costs associated with a stock market listing, is offering shareholders 0.625p a share, a premium of around 13% on the share price of 0.53p. It values Astek at £437,500.
If the proposals are approved the Altrincham company will be controlled by management shareholders including chief executive Alan Segal who is providing a loan to fund the transaction.
In a statement to shareholders the company said: “Given the current small size of the Astek Group, by removing from Astek the extra financial and managerial responsibilities involved with being a publicly quoted company, the management directors believe Astek will, in future, be better placed to take advantage of opportunities in the dental sector.”
In the six months to September 30 Astek recorded sales of £623,503, up 13%. and a pre-tax loss of £41,000, down from £99,000 last time. The company had net assets of £530,235.
