Shareholders approve ClearDebt delisting

SHAREHOLDERS of ClearDebt, the south Manchester debt adviser, have approved a plan to delist the company from the Alternative Investment Market (AIM).

The idea was first mooted earlier this month with chief executive David Mond justifying the decision by citing the associated costs and lack of liquidity.

The annual costs of maintaining the listing of the ordinary shares on AIM are at least £93,455, which the directors consider to be “disproportionately high”.

Just over 99% of shareholders aproved the delisting at a general meeting. It is expected that the firm’s last day of dealing on AIM will be April 9.

Half-year figures released on March 7 showed marginal revenue growth of 2% to £4.6m, but earnings before interest, tax, depreciation and amortisation fell by nearly a third (32%) to to £974,119 from £1.4m. Profits slumped 73% to £123,232.