Published: November 1, 2012
Banking group to delist from junior market AIM next week.
Shareholders in International Commercial Bank, a banking group operating in Africa, Asia and Europe, have agreed to delist the parent group from London’s AIM market. The last day of trading in the bank’s shares will be Monday November 5.
The delisting was proposed earlier in October. In a circular to shareholders, non-executive chairman Michael Hanlon said “the AIM listing no longer serves a useful function for the company in terms of providing access to capital or enabling the shares to be used to effect acquisitions”.
Hanlon and his colleagues also noted a lack of liquidity in ICB’s shares – there had been no trades as of early October –the fact that its market capitalisation is lower than when listed in 2007, and what Hanlon called “limited market appreciation of the company’s broad geographical presence”.
The bank’s management team believes it will save some £180,000-£200,000 per annum as a result of delisting.