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Galasys de-lists from AIM

Published: 08:26 19 Sep 2016 BST

two businessmen pulling a rope in opposite directions
Galasys' boardroom woes have been going on for almost a year

Theme park services provider Galasys PLC (LON:GLS) has de-listed from the AIM market amid the long-running board and shareholders dispute.

The move became effective from 7am this morning (Monday).

The official reason for the cancellation of Galasys’ shares on AIM was because it failed to appoint a nominated advisor (nomad) within a month of parting ways with its former advisor.

“The board took the view that in view of the uncertainty caused by the long running board and shareholders dispute, little purpose would be served by seeking a replacement nomad and prolonging the company's current presence on AIM,” Galasys said in a statement.

“Rather, the Board believe that the interests of the company are best served by allowing the management to focus on the trading and operational performance of the underlying business.”

The board added that it intends to re-list on another exchange and will explore “alternative capital markets opportunities” in the New Year.

The wrangle between shareholders and management has been ongoing for nearly a year.

At the end of 2015  two directors called for an EGM proposing a host of measures, including a motion to remove chairman Teh Kim Seng.

Galasys told investors that it was looking to recruit two new non-executive directors as part of a review of the management and board structure.

The firm said it will announce its interims, as planned, next month. 

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