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Investing.com -- RA International Group, a construction and facility-support services company listed in London, has seen its shares drop to all-time lows.
The reason for this significant decrease is the company’s announcement that it is seeking shareholder approval to cancel its listing on the London Stock Exchange (LON:LSEG)’s junior AIM. The company cited the regulatory burden and the costs associated with maintaining the listing as the main reasons for this decision.
On Thursday, RA International also revealed that it anticipates reporting an underlying operating loss for the previous year, despite a slight increase in revenue. This situation has been attributed to contract delays and mobilization issues. For comparison, the company reported revenue of $58.3 million and an operating profit of $2.06 million in 2023.
The company’s shares were down by 5.25 pence, a decrease of 81%, and were valued at 1.25 pence. Over the year to date, the shares have seen an 81% decrease, and over the past three months, they have dropped by 84%.
RA International’s board is planning several cost-cutting measures for this year, which include the sale of some loss-making subsidiaries. The board is currently in discussions with a potential buyer for one subsidiary and has initiated talks about others. These sales could potentially result in proceeds of $5 million.
The company has scheduled a shareholder meeting for February 28 to seek approval for the cancellation of its AIM listing. If the shareholders approve this decision, the company expects trading to cease on March 11.
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