By Elena Vardon
Celadon Pharmaceuticals is set to delist from London's AIM after its directors resigned.
The medical cannabis firm on Monday said that it will propose to move ahead with the cancellation of trading of its shares at a general meeting.
This follows a proposal put forward on Wednesday by Chief Executive James Short--who owns 39.5% of the company--to remove four non-executive directors and Chairman Alexander Anton. The board hadn't been supportive of Short's proposal to delist to reduce operational costs and access capital on easier and more attractive terms.
On Friday, directors Robert Barr, Elizabeth Shanahan, David Firth and Steven Hajioff resigned following talks, it said.
Anton is reviewing his position as chair and will resign from the board if the cancellation is approved by shareholders, Celadon added.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
March 24, 2025 03:41 ET (07:41 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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