By Anthony O. Goriainoff
Zytronic said it started an orderly wind-down of its business assets after being unable to sell its trading subsidiary Zytronic Displays, and that it would propose a de-listing of its shares on London's AIM to shareholders.
The U.K. listed company on Wednesday said it has decided--subject to employee consultation--to cease trading and was currently finalizing a possible production schedule for closure. It added that it expects the consultation and cessation process to be completed within the first half of 2025.
Zytronic said that after the cessation process it would be classified as a cash shell. Under AIM rules it must then complete an acquisition, or acquisitions, which constitute a reverse takeover within six months, or face a suspension of trading for its shares.
The company said the de-listing proposal--subject to approval--is intended to reduce costs and maximize returns for shareholders and that it will also ask shareholders to convert from a public limited company to a private limited company.
The board said its accounts for the year ended Sept. 30 won't be published by March 31 and that therefore its ordinary shares will be suspended from trading on AIM effective April 1 pending publication of its annual report.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
February 26, 2025 03:00 ET (08:00 GMT)
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