Applied Graphene Materials PLC (AIM:AGM, OTCQX:APGMF) said it has completed the disposal of its primary operating subsidiaries via a US$1.3mln cash deal with Canada's Universal Matter Inc, as announced on 22 February 2023, and it is intended that the remaining shell of the company will be delisted from the London Stock Exchange on 31 March 2023.
Shareholders were reminded that the last day of dealings in the company's ordinary shares on AIM will be 30 March 2023 - notwithstanding the fact that the ordinary shares have been suspended from trading on AIM since 1 February 2023 pending publication of the company's audited annual report and accounts for the year ended 31 July 2022.
Cancellation of the admission of the company's ordinary shares to trading on AIM will become effective on 31 March 2023. Following the cancellation and re-registration, the company said it will seek a solvent wind-up and will not, as a result, be putting in place a matched bargain facility to assist shareholders to trade ordinary shares following cancellation.
In accordance with AIM Rules, upon completion of the disposal the company was classified as an AIM Rule 15 cash shell.
The company said its board anticipates that, following settlement of advisory fees in connection with the disposal and ongoing costs associated with the business, the company will have a minimal net cash position following receipt of proceeds and therefore is very unlikely to be in a position to return funds to shareholders.
To the extent there are any residual amounts after the costs of the winding up are deducted, then such amounts will be distributed to shareholders via an appointed liquidator.