IN BRIEF: HC Slingsby shares drop 36% as plans to delist from AIM
HC Slingsby PLC - Shipley, West Yorkshire-based distributor of industrial and commercial equipment - Calls general meeting of shareholders for December 15 to approve the company’s proposal to cancel its listing on the AIM market in London, saying it is in the ‘best interests of the company and its shareholders’. HC Slingsby, which was founded in 1893, says the plan already has support from shareholders representing 73% of the total. The proposal needs 75% approval to pass at the GM.
HC Slingsby also provides a trading update on Thursday. It suffers a pretax loss of £237,000 in the nine months that ended September 30, narrowed from £526,000 a year before, as revenue declines by 3% on year. Lower overhead costs mean the company records a £45,000 operating profit before exceptional expenses in the nine months, swung from a £131,000 loss a year before, but £42,000 in costs related to the company’s formal sale process and £231,000 in interest relating to its defined benefit pension scheme result in the pretax loss. The company has £340,000 in net debt.
‘The market continues to be highly competitive, and the group continues to remain cautious regarding the outlook for the remainder of the current financial year,’ it says, citing increased costs caused by the higher UK national minimum wage, greater employers’ national insurance contributions, and changes to business rates.
Current stock price: 80.00 pence, down 36% in London on Thursday
12-month change: down 73%
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