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LONDON - Celadon Pharmaceuticals Plc (AIM:CEL), a UK-based cannabis medicine company, announced Monday that shareholders approved all resolutions at its General Meeting, including the cancellation of its AIM listing.
The company reported that 85.29% of votes supported the delisting from London’s AIM market, with 14.71% voting against. Shareholders also approved the adoption of new articles of association and the company’s re-registration as a private limited company.
Following these approvals, Celadon’s shares will be delisted from AIM effective August 8, with the last trading day set for August 7. The company’s shares are currently suspended from trading as it has not published its 2024 annual report by the June 30 deadline.
Celadon stated it does not expect to publish these financial results before the delisting takes effect.
The pharmaceutical firm, which focuses on cannabis-based medicines, will complete its transition to a private company by approximately August 15.
To facilitate share trading after delisting, Celadon has arranged a Matched Bargain Facility through J P Jenkins, an appointed representative of Prosper Capital LLP. This service will allow shareholders to indicate buying or selling interest through their stockbrokers, though the company noted there is "no guarantee as to the liquidity such a facility would afford."
Details of the trading facility will be available on the company’s website once the delisting becomes effective, according to the press release statement.
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