450 eyes exit from AIM as reverse takeover slower than expected
450 PLC on Tuesday said that it will not apply for an extension of its trading suspension on the AIM, instead letting its listing expire on Wednesday when its shares will be cancelled.
Shares in the London-based acquisition vehicle eyeing the content, media and technology sectors have been suspended since October, when the company announced the head of terms of its acquisition of Silvercloud Holdings Ltd, which would have represented a reverse takeover under AIM rules.
However, the company said the transaction is ‘not progressing as quickly as the directors anticipated’. The company also said that, given the early stage of the potential transaction, it is not able to make any alternative disclosure to enable the suspension to be lifted.
‘The directors consider that the potential transaction would be better progressed if 450 were unquoted,’ 450 noted.
It added that the cancellation will support greater focus on the centenary year of Le Chameau Holdings Ltd, a French manufacturer of outdoor footwear which is owned by Silvercloud.
The expiration of 450’s suspension, a de-facto delisting of the company, received the support of 450’s largest shareholder, representing more than three-quarters of the issued share capital.
450 said that it will consult with shareholders to provide a liquidity option which might include a matched bargain facility after the cancellation date.
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