LONDON (Alliance News) - PuriCore PLC Friday said it plans to move to AIM from the main market of the London Stock Exchange, as part of a larger strategic and operational review of its business.
The biotechnology company said the move to AIM would provide the "most appropriate exchange for trading" given its current size, offers greater flexibility particularly in corporate transactions, helps it establish a more cost-effective platform, should reduce the time and cost of compliance, and may increase its appeal to new retail investors.
"After careful consideration, the board believes that the proposed move to AIM will afford the most appropriate exchange for trading in the company's shares by providing a market and environment more suited to the company's current size," said Chief Executive Michael Ashton in a statement.
The company said it has also advanced its strategic and operational review, and plans to announce further information on this before the end of the year.
The move is subject to shareholder approval at a general meeting November 24.
Shares in PuriCore are trading down 6.7% at 29.80 pence Friday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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