Online residential property and financial services provider Qmulus (LON:QML) saw its share price fall by nearly 19% to 18.25p this morning on news that it plans to cancel its AIM listing. The company has called an EGM for July 16 following an approach by its Dutch majority shareholder Weswa, which says the share price significantly undervalues the business. Weswa believes it is unlikely Qmulus would be able to raise equity funding in the current environment. It says there is low liquidity and a small free float in the company's shares with little prospect of this changing and it believes the costs of listing outweigh any benefits.
Qmulus started life in 1990 under the name Direct Wonen as a letting agency for rooms and has since grown as a player in the field of private home letting, sales of real estate and financial services. The business was listed on AIM in 2007 but Weswa still holds 80.77% of its share capital.
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