News blog
Asite
- BY: Andrew Hore |
- POSTED: 28/03/2009 |
Asite plans to cancel its Aim quotation and re-register as a private company in order to save £100,000.
Asite, which provides software for construction businesses, also plans a capital reorganisation. Every 500 existing shares will be consolidated into one share, which will then be subdivided into 50 shares. The nominal value of the shares will also be reduced to 1p a share.
The news knocked 0.25p off the share price. At 1.625p a share, Asite is worth £1.67m. Share prices of companies’ that are cancelling their quotations tend to fall ahead of the final cancellation of the quotation. If it is not agreed by shareholders the share price tends to recover.
Asite’s board believes the cash that would have been spent on the quotation can be diverted into the business.
The shareholder meeting to vote on the proposals will be held on 20 April 2009. If the resolution is passed, the cancellation of the Aim quotation will be on 28 April 2009.
Asite intends to organise a matched bargain facility for its shareholders.
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