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Two high-profile companies joined the exodus from Plus Markets today because of the hefty price tag attached to a listing.
One of the companies, Trevor Baylis Brands, founded by the inventor of the wind-up radio Trevor Baylis, plans to ask shareholders at its next AGM for permission to de-list.
Chairman Alan Hindley said: “We are paying around £30,000 a year to maintain our listing when we are trying to break even and our directors are taking no fee. It is a question of liquidity … We are not ruling out re-listing in the future.”
The firm, which was established to help Britain's bright minds bring their inventions to market, estimates that they will save £20,000 a year.
Shares in the second company, Angela Flowers Gallery, one of the longest-established contemporary art businesses in London, with galleries in Mayfair and Shoreditch will be withdrawn from trading next month because of the “onerous burden” of maintaining a Plus listing.
Reader views (2)
It is a shame that UK innovative companies are losing out to investment abroad and emerging markets in the East are leading IPO growth.
PLUS Markets today announced application for the admission of synthetic leather manufacturer,China Hwaroung Advanced Material Limited.
- Frank Woodcock, The Rhondda, Wales, 24/11/2009 23:33
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Companies this small should not be on a public market anyway.
- Gazza, London/UK, 24/11/2009 18:59
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