Intention to move to AIM
September 27 2006 - 3:03AM
UK Regulatory
RNS Number:5276J
Sinclair (William) Holdings PLC
27 September 2006
WILLIAM SINCLAIR HOLDINGS PLC
27 September 2006
INTENTION TO MOVE TO AIM
William Sinclair Holdings plc ("William Sinclair" or the "Company"), one of the
UK's leading producers of commercial horticulture and branded garden products,
announces its intention to move from the Official List to AIM.
For some time the Board has felt that the costs of administering the compliance
burden that applies to companies on the Official List are considerable and
disproportionate to the size of the Company. Accordingly, the Board believes
that the Company will be better served by being admitted to trading on AIM and
being subject to rules and regulations which are more suited to companies of a
similar size to William Sinclair.
The Board believes that AIM is a more appropriate market for the Company and
that a transfer of the Company's ordinary shares to trading on AIM should lead
to lower ongoing costs associated with being a public company and a
simplification of administration requirements. It will also offer greater
flexibility particularly with regards to corporate transactions and will
therefore enable the Company to agree and execute certain transactions more
quickly should any acquisition or other development opportunities arise in the
future. The Board, however, envisages no alteration in the standards of
reporting and governance which the Company has maintained. Accordingly, the
Board believes the Company will continue to be attractive to specialist
institutional investors whilst the AIM tax regime, will, in the Board's opinion,
make the Company more attractive to the AIM specific funds as well as to private
individual investors.
The Board therefore proposes to delist the Company's ordinary shares from the
Official List of the UK Listing Authority and to apply for them to be admitted
to trading on AIM. This change is subject to shareholders' approval which will
be sought at the Annual General Meeting of the Company to be held on 21 November
2006. Subject to such approval being granted, the Company will delist the
Company's ordinary shares, and apply for their admission to trading on AIM.
Enquiries:
William Sinclair Holdings Plc 01522 537561
Bernard Burns, Chief Executive
Arbuthnot Securities Limited 020 7012 2000
Alastair Moreton
Madano 020 7593 4000
Mark Way/Caroline Sturdy
This information is provided by RNS
The company news service from the London Stock Exchange
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