Children’s illustration business Storyboard Assets is about to bring to an end a six-year period of being a public company.
ISDX-listed Storyboard Assets will seek shareholder approval at a general meeting for a delisting from the growth exchange.
The business, which owns original artwork of popular illustrators of children’s literature, believes that it can no longer be sustainable as a listed concern.
In a letter to shareholders, chairman Marcus Yeoman says that due to ‘limited investor interest’ in the ISDX Growth Market, the business can no longer meet its objective of raising funds to finance investment and provide working capital.
‘The directors no longer feel able to justify the continued costs associated with the company’s admission to the market,’ he adds.
‘The directors have therefore concluded that it is in the best interests of the company and its shareholders to leave the market.’
In October 2008, Storyboard joined what was formerly the OFEX market. Having changed to become PLUS-SX, the market position was reviewed and Storyboard decided that it needed to change the company’s business model to achieve profits. It liquidated the remaining artwork it had and changed direction.
A potential acquisition in October 2013 did not materialise, and the business now does not believe it can manage the costs of maintaining a quote on the rebranded ISDX Growth Market.
For the future, Yeoman says that the company’s shares will be traded on JP Jenkins share matching service after the delisting.