UK's OKYO Pharma plans to delist from London in May (updated)
04/04/2023 07:59
(Adds details on the delisting and background)
April 4 (Reuters) - British ophthalmology-focused
bio-pharmaceutical company OKYO Pharma OKYO.L said on Tuesday
it plans to delist from the London Stock Exchange next month,
citing tepid volumes of trading and low valuations.
London is at risk of losing its appeal for stock market
listings, some investors and financial executives had said last
month, with sluggish trading and low valuations driving more
companies to float elsewhere.
OKYO said in a statement that the delisting will have no
impact on its American Depositary Shares (ADS), which are traded
on the Nasdaq.
The company will put proposals to shareholders to
consolidate every 65 existing ordinary shares into one new share
of no par value to match current ADS ratio and then directly
list its new shares on Nasdaq in place of the current ADSs.
Okyo's delisting will be effective from May 12.
Flutter Entertainment FLTRF.L , the world's biggest betting
company, is considering an additional listing in the United
States, while Dublin-based construction materials company CRH
CRH.L is planning to move its primary listing to the U.S. from
London.
(Reporting by Radhika Anilkumar in Bengaluru; Editing by Sherry
Jacob-Phillips)
((Radhika.Anilkumar@thomsonreuters.com;))