Hermes Pacific Investment’s shares sank 23% on news of the property-focused investment company’s planned delisting from AIM.
Hermes Pacific has struggled to find attractive opportunities in the recent period of escalating interest rates, with no new investments made in the past two years.
“In light of this, the board reviewed its current status and future options including the benefits and drawbacks to the company retaining its admission on AIM,” the company said in a statement.
“The board has concluded that the cancellation is in the best interests of the company and its shareholders as a whole,” it added, citing cost savings, low trading volumes and a persistently wide discount to net asset value.
Hermes Pacific’s shares will be removed from AIM on 10 September.