Astek suspended ahead of de-list

SHARES in AIM-listed dental products group Astek were suspended this morning and are due to be cancelled tomorrow.

In a brief statement to the market the Altrincham company, which won approval from shareholders to de-list last month, said the shares had been temporarily suspended pending an announcement.

The loss-making business, which has complained about the costs associated with a stock market listing, has offered shareholders 0.625p a share, valuing Astek at £437,500.

After going private the company will be controlled by management shareholders including chief executive Alan Segal who is providing a loan to fund the transaction.

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.