(Alliance News) – Mirada PLC on Thursday announced plans to cease trading on AIM and return to private ownership, sending shares plummeting 61%.
The Surrey, England-based provider of software for digital television said after a review of the benefits and drawbacks of retaining the AIM listing, the firm concluded the proposals are in the best interests of the company and shareholders as a whole.
Mirada explained the review highlighted the impact of the concentration of shares owned by one major shareholder, the inability of the company to attract material new investment from third party equity investors, the public market share trading and valuation volatility of the company and the increasing costs of maintaining a public quotation.
The proposals require the backing of at least 75% of shareholders, but majority investor Kaptungs, which holds 87% of Mirada stock, is backing the…
