Shore Capital delists from Aim stock market
Shareholders have voted to remove Shore Capital from London’s Aim stock market in a crunch vote today.
The broker will now stop public trading of its shares after 81.7 per cent of investors backed the motion.
Read more: Shares slide as Shore Capital moots quitting Aim market
Shore Capital needed at least 75 per cent of shareholders to approve the delisting.
Shares fell late last month as the investment group mooted cancelling its London listing after reporting a dire 46 per cent drop in profits for its half-year results.
Earnings hit just £1.3m after reorganisation costs mounted to £1.4m after Shore bought rival Stockdale Securities for £5m back in February.
The acquisition created the City’s fourth largest corporate broking firm, advising around 125 corporate clients.
Shore has said its relatively low share price of 155p and a lack of liquidity had fuelled its decision to delist.
“Cost and management time” associated with the listing were also factors.
Read more: Shore Capital snaps up Stockdale Securities to create City heavyweight
Shore will continue to trade on the Bermuda Stock Exchange.