DDD seeking AIM listing cancellation; FY loss widens

Shares in DDD Group tumbled on Monday after the advanced imaging and 3D solutions company said it is seeking a cancellation of its shares on AIM and posted a wider loss for the year ended 31 December 2015.

The group reported a loss from continuing operations of $3.18m compared with a $2.21m loss in 2014 as revenue dropped to $706,000 from $2.53m.

DDD said revenues from the 3D TV market were lower due to the transition of the use of its TriDef 3D conversion technology from HDTVs to UHD/4K TVs which occurred at the end of the first quarter.

It said the AIM listing had become too expensive for the size of the business and was not helping to generate any additional revenue or profit.

Chief executive Chris Yewdall said: “The board's view is that the company is not receiving the benefits for which the AIM listing was originally sought, nor is there any possible chance of the situation changing in the foreseeable future.

“Accordingly the board has concluded that in their opinion, it is in the best interests of the company and its shareholders to seek a cancellation of trading from the AIM market. This will cut significant expense and enhance the possibility of potential dividends in the future."

Shareholders are due to vote on the cancellation of the shares at the annual general meeting on 29 June. DDD said that if the resolution is approved by 75% of the voting shareholders, the cancellation would be effective on 7 July 2016.

At 0940 BST, DDD shares were down 70% to 0.45p.