Avanti Communications to seek shareholder approval to cancel listing on London Stock Exchange
Source - SMW
Avanti Communications Group said that it would seek shareholders approval to cancel its shares on London Stock Exchange as part of an ongoing transformation of the company.
The proposed cancellation is part' of the ongoing transformation of the Company as the Directors believe the currently market valuation does not reflect the recent progress the Company has made, the value of the Group's satellite assets, or the current market opportunity,' the company said.
The shareholder vote was slated for 5 Sept. 2019.
The company also reaffirmed prior guidance for 2019 and 2020.
'(T)he Independent Directors are of the opinion that the commercial disadvantages to the Company of maintaining a quotation outweigh the potential benefits and the Cancellation will allow management to focus their time on the ongoing strategy and reducing recurring operational costs,' the company said.
At 10:08am: (LON:AVN) Avanti Communications Group PLC share price was -0.26p at 0.95p