Shares in Mobile Tornado Group Plc (AIM:MBT) crashed 59% after the company announced plans to cancel its admission to trading on AIM, the junior London stock market.
The resource management software provider said it intends to re-register as a private limited company and adopt new articles of association.
The board said these steps were in the best interests of the company and its shareholders as a whole.
A circular explaining the proposals was sent to shareholders on Monday and is available on the company’s website. Shareholders will vote on the cancellation at a general meeting scheduled for 1 September.
The cancellation requires at least 75% approval from shareholders attending the meeting, either in person or by proxy.
If approved, Mobile Tornado’s shares will be removed from AIM at 7.00 am on 9 September.
The shares fell 0.83p to 0.57p.