Impact Holdings to seek delisting from AIM

Impact Holdings announced on Wednesday that it has decided to seek shareholder approval for the cancellation of admission to trading on AIM of its ordinary shares.

The AIM-traded company’s directors and advisers said they believe it is in the best interests of all shareholders to delist, as the shares are considered illiquid with minimal trades.

“This, coupled with the burdensome costs of being listed relative to the size of the business, makes it uneconomical to remain listed,” Impact’s board said in a statement.

“The directors have therefore undertaken a strategic review with their advisers and consider a delisting to be prudent and appropriate.”

Under Rule 41 of the AIM Rules, it is a requirement that the company notifies the public of its intention to cancel, and separately to inform the London Stock Exchange of its preferred cancellation date.

In addition, the cancellation must be approved by at least 75% of the votes cast by the shareholders in a general meeting.

“If the resolution is approved, it is expected that the cancellation will take effect at 0700 GMT on The board confirmed it has already received irrevocable undertakings to vote in favour of the resolution from shareholders holding 1,940,853 ordinary shares, representing approximately 74.01% of the entire issued share capital.

“Whilst the board believes that the cancellation is in the shareholders’ interests, it recognises that the cancellation will make it more difficult for the shareholders to buy and sell ordinary shares should they so wish.

“The company is not currently proposing to establish a trading platform, although a third party may offer such service to shareholders and the board recommends that any shareholders seeking to trade ordinary shares following cancellation should directly contact the board or other shareholders to enquire if there are any parties interested in purchasing such shares.”

The board confirmed a general meeting will be held at 0830 GMT on 31 October at which the resolution will be proposed.

“For the reasons set out above the directors consider that the cancellation is in the best interests of the company and its shareholders as a whole.”