Internet of Things products supplier LightwaveRF intends to leave AIM if it gets shareholder approval.
The news led to the near-halving of the share price to 2.25p.
Trading volumes are low, and it costs £335,000 a year to be quoted. The board does not believe that investors understand or appreciate the business.
The strategic review is continuing and negotiations with potential partners or bidders are continuing. Lack of cash constrains the progress of the business.
Revenues in the three months to December 2019 (first quarter of the financial year) fell from £1.15m to £1.06m, although telesales and ecommerce sales increased. Last year’s revenues increased from £2.8m to £4.1m. although the fourth quarter was poor due to a lack of stock and marketing spend.
The general meeting to gain shareholder approval for the cancelation of the AIM quotation will be held on 10 February. Last day of dealings is likely to be 21 February. A matched bargain facility will be provided by JP Jenkins.
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