PCF Group PLC (AIM:PCF) nosedived 63% to 0.42p on Wednesday morning after saying it would withdraw from the banking market because of its unsuccessful efforts to raise cash.
As a result, the board of the PCF Bank owner is proposing cancelling the group's stock market listing.
According to a statement, the board “will continue to explore strategic transactions with bona fide interested third parties, however the directors have now concluded that it is in the best interest of all stakeholders for PCF Bank to commence a process of withdrawing from the UK banking market.”
"This has been a very difficult strategic decision for the Board to make given the consequences for the business, colleagues, customers, intermediaries and shareholders,” said chief executive Garry Stran.