Shareholders of European property and development group, International Real Estate (IRE), are to vote on a proposal to de-list the firm from London Stock Exchange's junior market AIM. The resolution to cancel the ordinary shares of 40 pence each will be put to a vote at a general meeting on 23 April.
Shareholders of European property and development group, International Real Estate (IRE), are to vote on a proposal to de-list the firm from London Stock Exchange's junior market AIM. The resolution to cancel the ordinary shares of 40 pence each will be put to a vote at a general meeting on 23 April.
In a circular sent to shareholders, the company directors say the ongoing costs of maintaining the listing are disproportionate to any potential benefits. 'The significant costs associated with complying with the AIM rules would be better spent in the development of the business,' the directors claim.
'Due to current market conditions, the ability to raise funds for the company is not significantly enhanced by the company's shares being traded on AIM and the directors have concluded that the current investment climate is such that it is more straightforward for unlisted companies to raise finance than 'small' public companies.
IRE specialises in residential and commercial property investment in Germany and the Benelux region.
