By Anthony O. Goriainoff

Shares in ADVFN plummeted after the company proposed a delisting of its shares on London's AIM market, and reported a narrowed pretax loss for the fiscal first half.

Shares were down 6.50 pence, or 50%, at 6.50 pence.

The London-listed stock and crypto information platform said the disadvantages of being a listed company were disproportionately high compared with the benefits.

It said a falling share price and low levels of liquidity has deterred potential partners from accepting shares or options as consideration, restricting its deal-making flexibility.

To ensure potential liquidity and support shareholder engagement, ADVFN said it is looking to set up a matched bargain facility, under which shareholders will still be able to acquire or dispose of ordinary shares for a minimum of six months after cancellation.

The delisting resolution will be presented to shareholders at a general meeting on April 25. If approved, it anticipates the cancellation of shares will become effective on May 6.

ADVFN added that for the six months ended Dec. 31 pretax loss was 453,000 pounds ($583,871) compared with a restated loss of 532,000 pounds in the prior-year period.

Revenue fell to 2 million pounds from 2.3 million pounds.

The company said results reflected increased legal costs from a, now settled, dispute with a former board member "which significantly burdened our bottom line."

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

March 27, 2025 04:36 ET (08:36 GMT)

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