お知らせ • May 04
Solgenics Proposes Delisting Solgenics Limited announced that it will shortly be posting a circular to shareholders in connection with a proposal for the cancellation of admission of the ordinary shares of no par value in the Company to trading on AIM, pursuant to Rule 41 of the AIM Rules for Companies. The Directors have conducted a review of the benefits and drawbacks to the Company and its shareholders in retaining its quotation on AIM, and believe that Cancellation is in the best interest of the Company and its shareholders as a whole. In reaching this conclusion, the Directors have considered the following key factors: the continued listing on AIM is unlikely to provide the Company with significantly wider or more cost-effective access to capital than the funding options it already has from majority shareholders in the near to mid-term; with a market capitalisation of £3.26 million the Directors have concluded that the most likely source of future funds will be through private capital; the considerable cost, management time and legal and regulatory burden associated with maintaining the Company's admission to trading on AIM are disproportionate to the benefits to the Company; there are negative operational influences on the business which come about directly as a result of being quoted, something which is accentuated by operating in an industry where the vast majority of the Company's peers are privately owned. The Company's peers also have far greater insight into its strategy, operational activities and future plans than the Company has into theirs, a factor which reduces the Company's relative competitiveness; the Company's market capitalisation and lack of liquidity in the Ordinary Shares have impacted certain of the potential advantages to having the shares admitted to trading on AIM. Accordingly, the Directors believe that it is in the best interests of the Company and its shareholders as a whole to cancel the admission of the Company's Ordinary Shares to trading on AIM. The Board does not consider that any potential benefits to the Company or Shareholders from retaining the AIM Admission are sufficient to justify the associated costs. In accordance with Rule 41 of the AIM Rules, the Company's Nominated Adviser has notified the London Stock Exchange of the proposed Cancellation. Pursuant to AIM Rule 41, the Cancellation can only be effected by the Company after securing a resolution of Shareholders in a general meeting passed by a requisite majority, being not less than 75 per cent. of the votes cast by Shareholders (in person or by proxy). The Directors have indicated they will vote in favour of the Cancellation. Under the AIM Rules, the Cancellation can only take place after the expiry of a period of twenty Business Days from the date on which notice of the Cancellation is given. In addition, a period of at least five Business Days following the Shareholder approval of the Cancellation is required before the Cancellation may be put into effect. Accordingly, if the Resolution to cancel the Admission is approved, the last day of dealings in the Ordinary Shares on AIM is expected to be 6 June 2023, and the Cancellation is expected to become effective at 7.00 a.m. on 7 June 2023. Recent Insider Transactions • Jan 19
Non-Executive Director recently bought €63k worth of stock On the 16th of January, Scott Fletcher bought around 7m shares on-market at roughly €0.0087 per share. This transaction amounted to 7.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €145k more in shares than they have sold in the last 12 months. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Non-Executive Director Scott Fletcher was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • May 16
Non-Executive Director recently bought €54k worth of stock On the 9th of May, Scott Fletcher bought around 5m shares on-market at roughly €0.011 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Non-Executive Director Scott Fletcher was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Apr 09
Non-Executive Director recently bought €409k worth of stock On the 6th of April, Scott Fletcher bought around 10m shares on-market at roughly €0.041 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €9.8m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Nov 20
Insider recently bought €9.2m worth of stock On the 16th of November, Scott Fletcher bought around 2m shares on-market at roughly €4.20 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months.