Falcon Media to cancel trading on London Stock Exchange

Digital media group Falcon Media House announced its intention to delist its ordinary shares from the Official List of the London Stock Exchange on Wednesday.

Falcon has secured additional funding into its convertible loan note from existing shareholders as an interim measure but noted that additional liquidity would still be required.

The firm claimed the stock market was not well-placed to value an early-stage company, leading it to seek the cancellation of its shares from 27 June.

Following the cancellation, Falcon shares will continue to be settled through CREST.

"Owing to its current financial position, the company is not able to provide investors that do not want to remain as shareholders of a private company with a cash alternative; however, the board believes that any such cash alternative based on the current trading price of the shares would significantly undervalue the shares in any event," Falcon said.

As of 1020 BST, Falcon shares had crashed 51.85% to 1.30p.