Sceptre to leave AIM and save costs

Shares in gaming group Sceptre Leisure  have slumped after the company unveiled plans to leave AIM in order to save costs.


Shares in gaming group Sceptre Leisure  have slumped after the company unveiled plans to leave AIM in order to save costs.

Shares in gaming group Sceptre Leisure have slumped after the company unveiled plans to leave AIM in order to save costs.

The company has undertaken a review that has revealed that the annual costs of retaining its listing are £250,000.

Sceptre’s principal activities are centred around the provision of gaming, lottery, and leisure equipment to the licensed trade.

Sceptre also argues that the listing does not give investors the opportunity to trade in meaningful volumes, nor was it likely to be able to raise equity investment to help further its expansion.

Under the AIM Rules, the board needs the approval of 75 per cent of shareholders – the board has already put forward its 38.45 per cent holding in favour of the move. Upon delisting, Sceptre plans to establish a third-party trading facility to help shareholders trade their shares.

If shareholders approve the proposed cancellation, it is anticipated that the last day of dealings will be 27 June 2012 with the effective date of the AIM cancellation a day after.

In December Sceptre Leisure reported six month revenues to 31 October 2011 of £18 million and profit before tax of £600,000. The figures represent a drop of £1.7 million in revenue and a similar profit.

Hunter Ruthven

Hunter Ruthven

Hunter was the Editor for GrowthBusiness.co.uk from 2012 to 2014, before moving on to Caspian Media Ltd to be Editor of Real Business.

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