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LONDON - Smarttech247 Group PLC (AIM:S247), a provider of AI-enhanced cybersecurity services, announced Monday plans to cancel its admission to trading on AIM and convert to a private limited company, pending shareholder approval at a general meeting scheduled for October 23.
The cybersecurity firm, which joined AIM in December 2022, cited several factors behind the decision, including significant share price decline, limited liquidity, and disproportionate compliance costs relative to benefits gained from the listing.
Despite reporting revenue growth ahead of market guidance for the year ended July 31, 2025, with recurring revenue representing approximately 74% of total unaudited revenues compared to 61% in the previous year, the company’s board believes its current public market valuation fails to reflect its performance and potential.
"The Board believes that continued growth can be better achieved as a private company and that the costs and management time currently associated with maintaining a public listing can be reinvested into high-impact areas of the business," the company stated in a press release.
If shareholders approve the resolutions, the last day of trading in Smarttech247 shares on AIM would be November 3, with delisting effective November 4. The company plans to establish a matched bargain facility through JP Jenkins to enable shareholders to buy and sell shares on a matched basis for at least six months following delisting.
During fiscal year 2025, Smarttech247 secured multiple multi-year contracts across various sectors including automotive, healthcare, pharmaceutical, and financial services. Notable wins included a contract extension with an Irish hospital worth €500,000 over four years and a three-year MDR renewal with a global pharmaceutical business valued at $2.87 million.
The company also reported selling its shareholding in Getvisibility, resulting in a profit and cash inflow of €1.8 million.
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