Amedeo looks to cancel AIM listing

Investment company Amedeo Resources proposed the cancellation of its shares on AIM on Wednesday, citing the best interest of investors.

Amedeo, which principally invests into the infrastructure and asset sector, has decided to seek shareholders' approval to cancel the admission of its ordinary shares to trading on AIM after conducting a review of the benefits and drawbacks to retaining its quotation on AIM.

After considering, amongst other things, the costs of maintaining trading and the limited liquidity in its ordinary shares, Amedeo came to the conclusion that cancelling its listing was "in the best interests of the company and its shareholders".

Amedeo believes the performance of its share price had been disappointing for "a considerable period of time" and highlighted that the high cost, management time and legal and regulatory burden associated with maintaining its admission were "disproportionate to the benefits to the company."

"It is estimated that cancellation will reduce the company's recurring administrative costs by at least £100,000 per annum, and these sums can be better spent growing the business," said Amedeo.

As of 1040 GMT, Amedeo shares had crashed 56.67% to 3.90p.