Proventec cancels AIM listing
PROVENTEC has cancelled the listing of its shares on London’s Alternative Investment Market, although the Liverpool-based company has said it will maintain a listing on Europe’s Alternext market.
The cancellation follows a vote at a general meeting earlier this month. Management at the firm, which makes steam cleaning equipment and coating technologies, had argued that Alternext provided a cheaper method for trading its shares than an AIM listing, which it estimated was costing the firm around £140,000 a year.
Announcing the move last month, chief executive David Chestnutt said: “With a significant proportion of the company’s shareholders based in the Eurozone, we believe that the current Alternext listing can be used for their future trading purposes.”
The company had been due to publish its full-year results to September 30 last year this month, but will now release them until March. Its last full-year results for 2010 revealed a £22.4m pre-tax loss on sales of £19.7m.
