Quantity surveyor Baqus Group has decided to dump its Aim quotation.
Baqus says that it costs at least £70,000 a year to be on Aim and that does not even include the cost of management time. Management says that it is difficult to trade in the shares and raising money is not easy - and that is unlikely to change. Baqus floated to enable it to undertake its acquisition strategy but this has been put on hold and the low share price would make it more difficult now.
Baqus generated revenues of £3.5m and made a small profit in the six months to December 2010. Net cash was £335,000 at the end of 2010.
Baqus says that it will set up a matched bargain facility for shareholders and keep it going for at least one year. It may even consider getting an outside party to provide the facility.
The share price has slumped by 1.12p to 1.25p, which values Baqus at £1.42m.
Download the April edition of AIM Journal at http://www.hubinvest.com/AIMPDFApril2011_19.pdf
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