European insurer Gable has backpedalled on its plan to delist shares from the London stock exchange amid its continuing strategic restructure.
The company said the board of directors found value in keeping the shares live on the stock exchange’s Alternative Investment Market (AIM).
“Following representations made by a number of holders of the Company’s loan notes, the Board has decided that there is merit in maintaining the Company’s Ordinary Shares on the AIM Market,” Gable said in a statement.
The insurer said the board is taking steps to appoint a new nominated adviser, which would lift the current suspension and avoid a delisting.
Gable suspended trading last week as it announced the delisting plan, which was considered part of the insurer’s efforts to cut business costs.
The beleaguered insurer said the costs associated with maintaining the AIM quotation are disproportionately high when compared to the benefits.
According to Gable, the board initially believed that funds could be better used in operating the restructured business.
The delisting was announced following executive chairman Jost Pilgrim’s resignation from the board. William Dewsall was appointed as his interim replacement.
Gable had also revealed the resignation of its nominated adviser and broker, Zeus Capital Limited, and two remaining non-executive directors, Blaise Craven and Kevin Alcock.
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