Preston North End to delist

PRESTON North End is planning to delist from the AIM market and re-register and a private company.

The move follows a takeover by the Lancashire businessman Trevor Hemmings whose vehicle, Deepdale PNE Holdings, now holds more than 90% of the Championship club.

The company said continued admission would result in significant direct costs and result in a disproportionate amount of management time being spent meeting regulatory requirements. It also said the market no longer provided a realistic method of access to capital.

Mr Hemmings – who had been funding the club via his Guild Ventures vehicle – stepped in with a rescue takeover bid after the Lancashire club was served with a winding-up order for an unpaid tax bill from HM Revenue and Customs in May.

The directors will seek shareholder approval to delist on September 21 and expect to leave the market a week later.

Mr Hemmings offered shareholders 5p a share, valuing the club at around £165,000. This represented a significant discount on the 95p they were last traded at before they were suspended on May 17. The shares floated at £4 each in 1995.

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