SourceBio International is set to go private after shareholders voted in favour of plans to delist from the AIM market of the London Stock Exchange.
The shareholders of the Nottingham-based provider of laboratory services overwhelmingly supported the resolution.
The proposal was revealed in November, when SourceBio noted that while one of the main benefits of a company being on AIM is the potential to issue new shares to raise additional funds for investment or to issue new shares as consideration for acquisitions, the company has been unable to raise money at what the directors believe to be a fair valuation and, due to the low liquidity, the shares do not represent an attractive currency.
Further, the board believed that the company’s current share price does not accurately reflect the future potential of the business.
The group also said that as a private business corporate development and restructuring needed to drive and develop growth may be executed faster and more nimbly, and that it would be able to command a much higher valuation for the business on eventual exit, serving in the best interest of shareholders.
SourceBio estimates that it could save annualised costs of £600,000 per year in the move.
Jay LeCoque, executive chairman, said: “We are confident that we can potentially grow the business faster as a private company.”
