TechFinancials, a UK-listed trading technology provider, has announced this Friday that it will cancel the admission of its Ordinary Shares to trading on AIM following the resolution being passed at the company’s General Meeting held today.
The last day of dealings in TechFinancial’s Ordinary Shares is the 17th of January this year. The admission to trading on AIM of TechFinancials’ Ordinary Shares will be canceled at 7:00 am on January 20, 2020.
Today’s announcement does not come as a complete surprise, as the company proposed the cancellation of its shares on AIM towards the end of last year, as Finance Magnates reported.
After the cancellation of its shares on AIM, the company will be solely listed on the NEX Exchange Growth Market. AIM is the London Stock Exchange’s international market for smaller growing companies.
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TechFinancials expects lower revenues in 2020
Because of the reduced size of the company and lower expected revenues, following the closure of its trading platform DragonFinancials in December of last year, the Board previously stated that it believes NEX is a more appropriate market.
“The Company believes the Cancellation from AIM, with NEX becoming its primary listing, is in the best interest of the business. The Company has taken the decision to make substantial adjustments to its operating structure and cost base while seeking to develop its newer blockchain based businesses,” the company said in December.
Today, TechFinancials made a similar statement: “The Company believes the Cancellation from AIM, with NEX becoming its sole listing, is in the best interest of the business.”
“The Company has taken the decision to make substantial adjustments to its operating structure and cost base while seeking to develop its newer blockchain based businesses. The Company looks forward to making further announcements following commencement of its sole listing on NEX.”