In a circular to shareholders, China Biodiesel proposed the purchase by Evolution Securities of shares in the company at 16.5 pence per share through a tender offer, and the subsequent buyback of these shares by the company.
The company said that the costs and regulatory requirements associated with maintaining the AIM listing are a significant burden on its financial resources and outweigh the benefits gained from maintaining admission.
The delisting will now have to be approved by 75% of the company’s shareholders in order to come into effect.
China Biodiesel’s share price has declined from a high of 15 pence to yesterday’s close of 10.5 pence since April.
China Biodiesel’s share price has declined from a high of 15 pence to yesterday’s close of 10.5 pence since April.
No comments:
Post a Comment