Mon, 10 Nov 2014Rethink Group is looking to de-list from the London Alternative Investment Market, the company announced today.

The group operates in the business and technology, retail, pharmaceutical and life sciences sectors. Reasons the company board is seeking the de-listing include their view that “the management time and the legal and regulatory burden” associated with being listed is “disproportionate to the benefits”.  

The announcement today also included:

• a tender offer for up to 34,950,000 ordinary shares representing about 30% of the company’s current issued share capital at 5p per ordinary share. The offer closes at 1pm on 4 December.

• The proposed re-registration of the company as a private limited company.

Under AIM rules, the de-listing must be approved by at least 75% of the votes cast by shareholders. If approved, the de-listing is expected to become effective on 9 December and the re-registration would then take effect on 29 December.

This morning’s announcement says that shareholders representing about 72.7% of the ordinary shares in issue today have “irrevocably agreed” to vote in favour of resolutions, including to de-list, at the company General Meeting on 26 November.