London-based speciality satellite operator Avanti Communications has confirmed it will be de-listing from London’s junior Alternative Investment Market (AIM) following a shareholder vote.
Shares in Avanti Communications closed down 20 per cent in London on September 5th at 0.25 pence each. In the past 12 months, Avanti’s share have been wiped out in terms of shareholder value. Five years ago in November 2014 it share price reached 320p.
The satellite data communications services firm said it conducted a review of its business and felt de-listing from AIM was “in the best interests of the company and its shareholders”.
Avanti believes its current share price “does not reflect the recent progress the company has made, the value of the group’s satellite assets, or the current market opportunity”.
At the general meeting, 92 per cent of shareholders voted in favour of the cancellation. Avanti needed a 75 per cent majority for the resolution to pass.
Avanti shares will be cancelled from AIM on September 18th.