Proposed Cancellation of Admission to AIM


 

TIDMAOI 
 
RNS Number : 4992Z 
AOI Medical, Inc. 
23 September 2009 
 

AOI MEDICAL, INC. 
Proposed Cancellation of Admission to AIM and 
Notice of Special Meeting 
LONDON, ENGLAND, September 23, 2009. AOI Medical, Inc. ("AOI Medical" or the 
"Company") (AIM:AOI) today announced that the Company is seeking Shareholder 
approval to cancel the admission of its common shares of US$0.0001 per value per 
share ("Common Shares") to trading on AIM. 
Introduction 
The Company is seeking Shareholder approval to cancel the admission of its 
Common Shares to trading on AIM at a Special Meeting which will be held on 
October 9, 2009. A circular, together with a notice of the Special Meeting, have 
today been posted to Shareholders. A copy of the circular will shortly be 
available on the Company's website at www.aoimedical.net. 
Reasons for De-Listing the Common Shares 
Notwithstanding the continuing progress in the Company's business, for some time 
there has been very little liquidity in the Common Shares and, as a result, when 
even very small numbers of shares have been sold, the Company´s share price has 
declined significantly. As a result, it is difficult for shareholders to sell 
shares at a reasonable price and in reasonable volumes. The current economic 
turmoil has led to significant falls in the values of global stock markets, from 
which the Company is not immune. The susceptibility of the share price to the 
wider general equity market conditions is not to the benefit of the business and 
in particular hampers the Company's ability to raise funds. These problems are 
not confined to AOI Medical. Many other small companies suffer from a lack of 
liquidity in their shares and a consequential adverse impact on their share 
prices. 
The Company calculates the direct and indirect costs of staying on AIM to be in 
excess of GBP200,000 per annum. This estimate takes no account of the 
considerable senior executive time which is spent dealing with issues related to 
its listing on AIM. In the current financial climate the Company's strategy is 
to continue to prepare for the commercial launch of its products. In order to 
achieve this objective, the Company is determined to conserve its existing cash 
resources and has concluded that the benefits of maintaining the listing on AIM 
do not justify the costs. 
As a result, the Board have concluded that the benefits of maintaining a listing 
on AIM are out-weighed by the costs incurred in maintaining such a listing and 
that the Company derives little benefit in terms of the liquidity in its shares 
or in the ability to raise new capital. 
In addition, the Board does not believe that the market places an appropriate 
valuation on the Company or the Common Shares. 
Special Meeting 
Under the AIM Rules for Companies, it is a requirement that any cancellation of 
admission to trading must be approved by not less than 75 per cent. of votes 
cast by Shareholders in general meeting. Accordingly a Notice of Special Meeting 
has today been posted to Shareholders which contains a resolution to approve the 
application to London Stock Exchange for cancellation of admission of the Common 
Shares on AIM. The Special Meeting will be held at The Capital City Club, 
7 Harris Street NW, Atlanta, Georgia 30303 USA, commencing at 10:00 a.m. 
(Atlanta time) on October 9, 2009. If approved it is expected that cancellation 
of admission of the Common Shares will take effect from 7.00 a.m. BST on October 
21, 2009. 
Directors' recommendation 
The Directors consider that the proposals are in the best interests of the 
Company and the Shareholders as a whole and are most likely to promote the 
long-term success of the Company for the benefit of the Shareholders as a whole. 
The Directors unanimously recommend that the Shareholders vote in favour of 
cancellation of admission of the Common Shares on AIM as they intend to do in 
respect of their aggregate shareholdings of 164,555 Common Shares, equivalent to 
approximately 1.9 per cent. of the issued ordinary share capital of the Company. 
The Directors have been informed that Shareholders with aggregate shareholdings 
of 4,474,952 Common Shares, equivalent to approximately 52.4 per cent. of the 
issued ordinary share capital of the Company, also intend to vote in favour of 
cancellation of admission. 
Timetable 
The expected timetable of principal events is shown below: 
+-----------------------------------------------+-----------------------------+ 
| Latest time and date for receipt of proxies   |      5.00 p.m. London time, | 
| for Special Meeting                           |             October 7, 2009 | 
+-----------------------------------------------+-----------------------------+ 
| Special Meeting                               |          10.00 a.m. Atlanta | 
|                                               |       time, October 9, 2009 | 
+-----------------------------------------------+-----------------------------+ 
| Expected date of cancellation of admission of |      7.00 a.m. London time, | 
| Common Shares on AIM if the resolution at the |            October 21, 2009 | 
| Special Meeting is passed                     |                             | 
+-----------------------------------------------+-----------------------------+ 
Background to AOI Medical, Inc. 
AOI Medical is a medical device company focusing on the development and 
commercialisation of innovative orthopaedic medical devices for the spine and 
trauma markets. It is progressing the development of three separate technology 
platforms: Ascendx(TM) VCF Reduction System, BAMF Trauma and Cervical Plate. 
Further information can be found at www.aoimedical.net. 
Enquiries: 
Numis Securities Limited 
Nominated Adviser: Michael Meade / Brent Nabbs Tel: +44 (0)20 7268 1000 
Corporate Broking: David Poutney 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCPUUAABUPBGRP
Aoi (Regs) (LSE:AOI)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024