Emmerson PLC (LON:EML) is planning to list on AIM, a market the company’s board believes it is more suited to.
Emmerson is about to enter into a pivotal period, with the commencement of mine construction at the Khemisset potash project in Morocco expected by the end of 2021.
The company was recently awarded a mining licence to develop and mine the potash deposit.
It also recently raised £5.5mln to fund ongoing project development work.
A circular containing details of the proposed cancellation and admission together with a notice convening a general meeting of shareholders will be posted to shareholders today.
The listing rules do not require a company wishing to cancel its standard listing to seek shareholder approval at a general meeting.
However, the directors of Emmerson have taken the view that as a matter of good corporate governance shareholders should be consulted and have resolved that the delisting should be subject to shareholder approval by way of an ordinary resolution at a general meeting.
If approved by shareholders, it is anticipated that the effective date of the move to AIM will be 26 April 2021.
The company added it believed the AIM market to be a more conducive environment for conducting corporate transactions.