Tethyan Resources seeks delisting from AIM

Tethyan Resources said on Friday that following its admission to Canada's TSXV it had undertaken a strategic review process to assess the viability of its continued listing on AIM.

The firm said its board was confident that trading on TSXV alone would provide a "healthy platform for trading" and that any added benefit afforded to the group from continued trading on AIM would be "outweighed by the regulatory burden and cost associated with maintaining the listing."

As a result of the review, Tethyan decided to seek delisting from AIM and will look to hold a general meeting of shareholders in the near future, giving them an opportunity to vote on the proposals.

Peter Mullens, chief executive of Tethyan, said "The board of directors of Tethyan has carefully considered these proposals and strongly believes that this is the right time to pursue these initiatives. The listing on the TSXV is a milestone for the Company and represents an opportunity to introduce the new face of our company to existing and prospective investors."

As of 1015 BST, shares had dropped 26.67% to 2.75p.