Indus Gas (LSE:INDI) shares lost more than half their value after announcing plans to cancel its listing on AIM.
The company, in a statement, cited limited share liquidity, high compliance costs, and a lack of capital access as key reasons for the move. The majority shareholder, Gynia Holdings, which owns 82.66% of the issued share capital, has pledged support for the resolution.
It will now hold a general meeting on 8 January to seek shareholder approval for the delisting, ahead of the delisting on 23 January.
After delisting, Indus plans to implement a matched bargain facility to allow shareholders to buy or sell shares via a third-party service.
In London, on Monday, Indus shares fell 5.6p or 58% to 4p.