The East Midlands-based business decided to delist from AIM after concluding ‘the market had failed to reflect [its] intrinsic value and growth potential’, according to Maven which has taken a 40 per cent stake in the company.
LitComp shareholders received 35p in cash for each share, valuing the company at approximately £5.5 million. The deal is billed by Maven as ‘one of the first public-to-private transactions led by a VCT manager’.
CEO Jason Smart will continue to lead LitComp, which specialises in “after the event” insurance and listed on AIM in 2006. The company generated sales of nearly £30 million and earnings of £2.3 million last year.