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Netscientific expects shareholders to reject plan to delist from AIM and become private company

NetScientific has decided to postpone its general meeting.
Netscientific announced the proposal last month

NetScientific plc (LON:NSCI) said more than 30% of shareholders have indicated they would vote against a proposal to cancel its shares on AIM and re-register as a private company.

The shareholders sent proxy forms instructing their shares to be voted against the proposal at the general meeting, which was due to be held on March 4.

READ: NetScientific to delist from AIM and become a private company following strategic review

NetScientific said it now believes the resolution would be voted against and has decided to postpone the general meeting.

The firm, which invests in development-stage medical and healthcare businesses, announced its plan to go private last month following a strategic review of its operations.

The review concluded that the company needed a revised strategy to reduce its central functions and costs “significantly” to enable as much of its remaining cash as possible be allocated to its portfolio companies.

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