Avarae Global Coins posts a full year loss and announced it will seek shareholder approval to delist from AIM.
Revenue from the sale of coins or coin collections for the year ended 31 March was £0.77 million, up on the previous year's total of £0.63 million.
But the group said the margin was materially lower at £0.03 million (2015: £0.2 million), reflecting the board's policy to continue to dispose of the lower value coins within the portfolio for which the Directors do not believe there will be any material future value appreciation.
Net loss for the year was £0.07 million against a profit of £0.38 million last time.
Avarae also announced it will be posting a circular to its shareholders detailing proposals to:
- cancel the admission of its ordinary shares to trading on AIM;
- provide qualifying shareholders with an opportunity to realise some or all of their investment in Avarae by accepting the tender offer pursuant to which WH Ireland will conditionally offer to purchase up to 16,156,667 ordinary shares at 11.5 pence per apiece
- to undertake further buybacks of up to 16,156,667 ordinary shares following completion of the Tender Offer and the delisting
It said that as it is seeking to return cash to shareholders by way of a tender offer, the board does not recommend the payment of a dividend for the year ended 31 March. The dividend policy adopted by the board will be reviewed again at the end of the current financial year.
At 8:02am: (LON:AVR) Avarae Global Coins PLC share price was -0.75p at 11.75p