Withdrawal of AIM Listing

[JEJeffrey]

I'm the owner of some GetMapping shares, which will no doubt come in handy one day to wallpaper the spare bedroom. Until recently, they were quoted on AIM as 'Media' (though they're really IT, I'd have thought, but let that pass).

Holders have now been told by the company that the shares will no longer be quoted on the AIM. I can understand that the company might well want to save costs this way, but the announcement (there was no consultation worth a damn) didn't explain the implications for shareholders. Apart from the difficulty of finding out current prices (if this concept even has any meaning), what does this change mean in practice for Joe Public who holds the shares?

 

[dazzam]

Hi JE,

See below. This is an extract from a stock situation service that I have access to. I used to work in this part of the Industry.

Situation: CANCELLATION ON AIM

Issue Name: GETMAPPING

Security: ORDINARY GBP0.003

Terms: THE COMPANY IS SEEKING SHAREHOLDERS APPROVAL AT AN EGM TO BE HELD ON 28TH OCTOBER 2003 FOR THE CANCELLATION OF ADMISSION TO TRADING ON AIM. IF THE SPECIAL RESOLUTION IS PASSED, THE LAST DAY THAT THE SHARES CAN BE TRADED ON AIM WILL BE 28TH OCTOBER 2003.


Titles Settlement Type:
GB0002843547 GETMAPPING ORD GBP0.003 CREST

Relative Details and Dates:
Subject to shareholder approval at an EGM to be held on 28th October 2003.


Tuesday, October 28, 2003 Expected date of Cancellation of Admission to Trading on AIM (close of business).

Additional Information:


REGISTRAR: Capita IRG
Bourne House
34 Beckenham Road
Beckenham
Kent
BR3 4TU

Tel: 0870 162 3100


Sequence Number:

Basically you could have voted on the resolution. What it means now is that essentially you are unable to trade the shares until they gain another listing which may or may not ever happen. This I am afraid is down to the company. My suggestion for further info is to review the Co Website or speak to the registrars. PM if you want and I will try and find out some more for you.

 

[JEJeffrey]

Thanks for that. I can certainly contact them, but I don't really expect as useful an answer as I hope to get here.

Yes, I could have voted on the resolution - but the company announcement gave no clue as to what I would be voting about. In any case, I assessed that this was essentially a done deal. I'm not really complaining that the Company shouldn't have done it, I'm just totally at sea as to where this change leaves me and other shareholders. For example, under what circumstances is trading likely to take place in the future? What happens if another company decides to stage a take-over? Or if the company is wound up?

Buying at 30p doesn't look too smart in retrospect, now that the shares have drifted to 3p! But I invested only what I could afford to lose, in what I thought had promise (bad judgement, but nobody but me is to blame). Still, at least before I could watch the prices, and decide to sell if I absolutely had to realise cash. Now? How common is this kind of behaviour, and does it usually signal the death throes? (I believe GMP have recently lost an expensive case against Ordnance Survey, and they've never paid a dividend. Pity, because the product is technically superb).

 

[stevet]

make their life a misery and maybe they will do something to get you off the back

if it was your own decision to invest - thats life - we learn and we move on

if someone advised you to do it - maybe they profited from your investment - so bug the life out of them until the come up with something

 

[stevet]

dazzam

the shares are still tradeable aren't they ?

and the fact they were on aim is neither here nor there - if the spread was 2.5-3p - i bet there was a queue of sellers and no buyers

 

[dazzam]

It depends, there may be a market for them but one not readily available to jo public.

I will keep my eye open for any documentation.

They may decide on an OFEX listing or as said above there could be a takeover.

 

[Airthrey Capital]

JEJeffrey,

You can still trade Getmapping shares, but only on a "matched bargain basis"...This is like the old stock exchange rule 535.

In other words, a broker will match a buyer and seller at an agreed price.

The stock does not trade on OFEX.

I suggest that you look at www.jpjl.co.uk (a subsisiary of JPJ Jenkins which has close links with OFEX and the Jenkins family.

The last time I looked they traded at a mid price of 3p.

Hope this helps.