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LONDON - Gusbourne Plc (AIM: GUS), a producer of English still and sparkling wines, has announced its intention to cancel its Ordinary Shares from trading on AIM, the London Stock Exchange (LON:LSEG)’s market for smaller, growing companies. The decision follows a requisition by Belize Finance Limited, controlled by Lord Ashcroft, which owns a 66.8% stake in the company.
The Board of Gusbourne has endorsed the cancellation, citing several reasons for the move. These include the significant costs and management time associated with maintaining the AIM listing, which are believed to be disproportionate to the benefits. Additionally, the Board pointed out the lack of liquidity in the trading of the company’s Ordinary Shares on AIM, which does not provide shareholders the opportunity to trade in meaningful volumes.
The cancellation is also expected to reduce the regulatory burden and allow for more strategic flexibility as a private company. Gusbourne anticipates a reduction in recurring administrative and adviser costs by at least $250,000 per annum following the delisting.
A general meeting is scheduled for 9:30 a.m. on March 7, 2025, to vote on the proposal. If approved, the cancellation will become effective at 7:00 a.m. on March 19, 2025. The company will also undergo re-registration as a private limited company and adopt new articles of association.
In anticipation of the potential concerns from shareholders regarding the trading of shares post-cancellation, Gusbourne has arranged for a secondary market trading facility with JP Jenkins to facilitate periodic auctions. This service will allow shareholders to buy and sell Ordinary Shares on a matched bargain basis.
The Board has recommended that shareholders vote in favor of the proposals, believing it is in the best interests of the company and its stakeholders. Several Board members, including the Non-Executive Chairman and other Non-Executive Directors, are expected to step down following the cancellation.
This information is based on a press release statement issued by Gusbourne Plc.
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