ADVFN shares drop 50% amid delisting proposal and narrowed pretax loss

Investing.com -- ADVFN, the London-listed stock and cryptocurrency information platform, saw its shares fall by 42% following a proposal to delist its shares from London’s AIM market and a report of a reduced pretax loss for the fiscal first half.

The shares were seen down to 7.55 pence.

Furthermore, ADVFN announced a pretax loss of £453,000 ($583,871) for the six months ending on December 31. This is a decrease compared to the revised loss of £532,000 from the same period in the previous year.

Revenue also decreased, dropping to £2 million from £2.3 million.

ADVFN cited the high costs of maintaining its listed status as a significant disadvantage, outweighing the benefits. The company pointed out that a declining share price and low liquidity levels have discouraged potential partners from accepting shares or options as payment, which has limited its ability to negotiate deals.

In an attempt to maintain potential liquidity and encourage shareholder engagement, ADVFN is considering the establishment of a matched bargain facility. This arrangement would allow shareholders to buy or sell ordinary shares for at least six months after the cancellation.

The proposal to delist will be presented to shareholders at a general meeting on April 25. If approved, the company expects the cancellation of shares to take effect on May 6.

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