Norcon moves towards cancelling AIM listing

Global communications network specialist Norcon is seeking shareholder approval to cancel its listing on AIM, saying this is in the both the company's and shareholders' interests.

An extraordinary meeting would be held on 29 June to decide the matter.

Norcon has already received irrevocable undertakings in favour of the resolution from various directors and executives, including a company in which several are linked to, totalling 69.7% of its issued share capital.

Major shareholder Norconsult Telematics Holdings, which floated Norcon in 2008 but now believes the cost and management time of maintaining a listing "are disproportionate to the benefits to the company", said it would aim to purchase up to 8m ordinary shares in the market between 31 May and 6 July at a price of 19p.

Last day of dealings was expected to be 6 July.