Plant Health to evaluate London listing as stock levels 'frustrate' board (updated)
02/05/2023 08:50
(Adds shares, background, details)
May 2 (Reuters) - Plant Health Care PHC.L said on
Tuesday its board will evaluate if the firm should continue to
be listed on the LSE's Alternative Investment Market (AIM) as it
was "frustrated" with the share performance not reflecting its
strategic progress.
Shares of the agricultural products company slumped 24% to
9.3 pence in early trade on Tuesday. They have lost about 97% of
their value from a record high of 383 pence in 2008.
Some investors and financial executives have said London
risks losing its appeal for stock market listings as sluggish
trading and low valuations are driving companies elsewhere.
Plant Health said on Tuesday it will consider other
financing and strategic options, including raising non-dilutive
capital to fuel its growth, and consult with shareholders as to
whether AIM remains the "right capital market."
Multiple companies have chosen to delist from the London
Stock Exchange or have considered an extra listing elsewhere,
including the likes of Dublin-based construction company CRH
CRH.L and betting company Flutter Entertainment FLTRF.L .
(Reporting by Shivansh Tiwary in Bengaluru; editing by Uttaresh
Venkateshwaran)
((Shivansh.Tiwary@thomsonreuters.com; +91 9708363192;))