Shares in ADVFN PLC (AIM: AFN) plummeted to a new 52-week low of 3.52p in early trading after the financial data firm announced plans to delist from London’s AIM market and transition to a private company.
In a statement on Thursday, the board said it had “carefully considered” the decision and believes the move is in the best interests of both the company and its shareholders. A formal vote will be held at an upcoming general meeting to seek shareholder approval.
If the proposal passes, ADVFN shares will be removed from trading on London’s junior exchange, and the company will re-register as a private limited entity. The board has also recommended amending its Articles of Association to facilitate the shift.
Expected timetable of principal events
All references to time in this document are to London time unless otherwise stated. The dates and times given below are based on the current expectations and may be subject to change. Events listed in the below timetable following the General Meeting are conditional on the Resolutions being passed at the General Meeting without amendment.
If any of the below times and/or dates change, the revised time(s) and/or date(s) will be notified to Shareholders by an announcement through a Regulatory Information Service.
|
Event |
2025 |
|
Announcement of proposed Cancellation and Reregistration |
27 March |
|
Publication and posting of the Circular |
27 March |
|
Latest time and date for receipt of Proxy Form |
10.00 a.m. on23 April |
|
General Meeting |
10.00 a.m. on 25 April |
|
Announcement of result of General Meeting |
25 April |
|
Last day of dealings in Ordinary Shares on AIM |
2 May |
|
Expected time and date of the Cancellation |
7.00 a.m. on 6 May |
|
Matched Bargain Facility for Ordinary Shares commences |
6 May |
|
Expected date of Reregistration |
Week commencing 26 May |
ADVFN Valued Below Cash Reserves Following Share Price Collapse
In a separate update, ADVFN released its half-year results, with the standout figure being its cash reserves, reported at approximately £3.5 million.
Headline financial performance for the six month-period ended 31 December 2024 (“Period”) with a comparison to the six-month period ended 31 December 2023 (“Prior Period”) is as follows:
Revenue: £2.019 million (Prior Period: £2.294 million)
Gross Profit: £1.919 million (Prior Period: £2.185 million)
Operating Loss: £479k (Prior Period: £611k loss)
Administrative Expenses: £2.398 million (Prior Period: £2.796 million)
Net Loss: £393k (Prior Period: £531k loss)
Cash and Cash Equivalents: £3.535 million
Total Liabilities: £1.290 million
Total Equity: £3.238 million
However, following Thursday’s sharp drop in share price, the company’s market capitalisation has fallen to around £500,000 less than its cash position—effectively assigning no value to the underlying business.
