GNE Group says it intends to move the Main Market and become an investment trust after it turns itself into a technology investment company.
It does not indicate when a switch to the Main Market will happen but it will enable GNE to have a more tax efficient structure.
The plan is to invest in small companies in technology sectors. These would be undervalued, distressed or operationally under-performing companies. A name change is also planned.
GNE was going to pay a 150p a share special dividend from the cash raised from the sale of the Petrol Express subsidiary.
The remaining businesses are likely to be sold. GNE may also take out an insurance policy against any environmental problems at its former petrol station sites.
Shareholders will be sent a circular before the end of February. GNE will also ask for shareholder approval to buy backup to 15% of the shares in issue. GNE has permission to buy up to 450,000 shares prior to gaining additional approvals.
The shares fell 5p to 167.5p each, which values GNE at £23.6m.
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