News blog
Cagney
- BY: Andrew Hore |
- POSTED: 05/08/2009 |
Marketing services provider Cagney has reviewed its Aim quotation and has decided that it is too costly for a company of its size.
The shares fell 0.15p to 0.35p on the news. That values Cagney at £760,000. The share price has lost two-thirds of its value over the past year.
The decision comes at a time when trading is improving and Cagney has made a profit in the first half 2009.
Poor liquidity and the difficulty in raising more cash are two of the negatives cited by Cagney. The costs of the Aim quotation are significant for such a small company. Cagney joined Aim in order to make acquisitions but this is difficult at the moment with its poor share price.
Cagney also says that it needs to invest in developing its market research and data analysis operations and this will make it difficult to achieve the steady, progressive growth that investors prefer.
Management intends to set up a matched bargain facility for shareholders.
Cagney requires 75% of the votes cast at a general meeting on 28 August 2009. The motion already has the support of the holders of 48.6% of the shares.
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