News blog
IAF Group
- BY: Andrew Hore |
- POSTED: 30/11/2008 |
IAF Group is one of the latest companies that plans to cancel its Aim quotation.
The stockbroker plans to gain shareholder approval for the cancellation on 15 December. The cancellation should happen on 22 December.
The shares lost three-quarters of their value on the news. At 0.25p each, IAF is valued at £250,000.
Three shareholders own 67.5% of IAF and the board believes that there is a lack of interest from other investors. The lack of institutional shareholders makes it more difficult to raise cash.
The board also believes that the costs of the quotation are not worth it. Existing shareholders have provided regular injections of capital to cover losses and that would be just as easy without a quotation.
IAF owns JPJL, which provides a matched bargain facility for unquoted shares. IAF has not indicated whether its shares will be traded through JPJL.
Figures for the year to June 2008 will be below expectations. A delay in becoming a nominated adviser has not helped. July and August were ahead of budget but trading has been poor since then.
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