PuriCore to seek admission to AIM
Board proposes to cancel the listing of the company’s Ordinary Shares on the premium segment of the Official List and their trading on the Main Market
The board of PuriCore, a global company focused on safe and effective protection against the spread of infectious pathogens, is proposing to cancel the listing of the company’s Ordinary Shares on the premium segment of the Official List and their trading on the Main Market and apply for admission of the Ordinary Shares to trading on AIM.
The board believes key advantages to be gained by this move include that a listing on AIM:
- Should afford the most appropriate exchange for trading in the company’s shares by providing a market and environment more suited to the company's current size and to achieving its corporate objectives
- May increase the appeal of the company to new retail investors while continuing to appeal to institutional investors
- Offers greater flexibility to the company, particularly with regard to corporate transactions
- Establishes a more cost-effective platform on which to maintain the company’s publicly traded status
- Should reduce time and cost of compliance while maintaining appropriate disclosure and corporate governance practices
'As previously announced, the company has initiated a strategic and operational review of the business. In parallel with this review, the board considered how to increase the appeal of the company to new investors and which was the right platform on which to maintain the company’s publicly traded status,' said Michael Ashton, Chief Executive Officer of PuriCore. 'After careful consideration, the board believes that the proposed move to AIM will afford the most appropriate exchange for trading in the company’s shares by providing a market and environment more suited to the company's current size and to achieving the advantages listed above. The Board has advanced the strategic and operational review and plans to announce further information before the year end.'
A General Meeting will be held on 24 November 2014, at which the company will seek Shareholder approval for the proposed delisting and the intention to apply for admission to trading on AIM.
In June 2014, the company completed the disposal of its UK-based endoscopy business to focus on its proprietary hypochlorous acid platform technology. The Board has initiated an ongoing strategic and operational review of the business to optimise the use of the net proceeds of the sale, including growth strategies, operational efficiency initiatives, research and development programmes, potential strategic acquisitions, and a possible return to shareholders.