Malaysia-based Teliti International Ltd is leaving AIM following the planned sale of its datacentre business.
At the June suspension price of 39.5p a share, Teliti was valued at £9.2m. Teliti has decided to reduce costs and it will not replace the non-executive directors that resigned in June so the shares will remain suspended. Once the shares have been suspended for six months the quotation will be cancelled. This will happen on 23 December.
A general meeting will be held on 23 December so that shareholders can vote on the disposal. The datacentre business is being sold to Noah Ventures for RM15m (£2.9m) because Teliti does not have the cash to complete the development. The datacentre business has debt of RM250m. Noah, which is related the main contractor on the development, will take on the debt.
Pro forma net assets will be RM30.5m following the disposal, including RM14.5m of cash. In the year to September 2013, the remaining IT businesses generated a profit of RM3.7m (£750,000) on revenues of RM55m (£11m).
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