Delisting Announcement
November 24 2009 - 4:09AM
UK Regulatory
TIDMANG
ANGELA FLOWERS GALLERY PLC
24 November 2009
Withdrawal from the PLUS market
The Board of Directors of Angela Flowers Gallery PLC ("the Company") has been
reviewing the relative merits of maintaining a listing of the Company's shares
on the PLUS-quoted market ("PLUS market", formerly OFEX). Having given due
consideration to the advantages and disadvantages of the listing, the view of
the Board is that it would be more beneficial for the future of the Company and
the shareholders if the Company were to proceed to delist from the PLUS market.
It is planned that the shares will be withdrawn from trading on 9th December
2009.
Reasons for the withdrawal
The Company originally listed on the PLUS market on 22nd May 1997 to create a
market for its shares. The Company has raised equity on two occasions since its
listing with offers for subscription on 14th March 2002 and 18th December 2003.
The Company also issued equity in the Company to Nicholas Taylor when he was
made a Director on 13th December 2007. However, the Company now feels the
burden of remaining on the PLUS market is too onerous.
The Board believes that the future development of the business should be
focussed firmly on achieving stability in a difficult economic climate and to
minimise administrative and professional costs. As required the Company where
possible would look to raise debt finance for its future requirements. The
Board considers that the cost of maintaining the listing does not currently
represent best use of shareholders' funds, nor of management time.
The Board is of the view that the future development of the business is not
dependant upon the maintenance of the PLUS market listing and that the business
and shareholders will not be disadvantaged by the proposed move. The Directors
believe that the Board and management should focus on the development of the
business and optimising shareholder value with minimum distractions from this
goal and therefore recommends that the Company's shares are withdrawn from
trading on the PLUS market.
Alternative arrangements for dealing in the Company's shares
Following the withdrawal from PLUS, no formal mechanism for trading in the
Company's shares will exist. Whilst there can be no guarantee that shareholders
will be able to sell any shares, any shareholder seeking to do so following the
delisting should contact the Company in writing at its head office, Flowers
East, 82 Kingsland Road, London E2 8DP (email: gallery@flowerseast.com). The
Company will then be able to advise as to whether the Directors are aware of
any prospective buyers for any Ordinary Shares which the holder thereof wishes
to sell at that time.
Under PLUS rules, the Company is requiredto give shareholders a period of 10
business days to object to the intended withdrawal of its securities from the
PLUS market. Any shareholder wishing to raise an objection should contact PLUS
in confidenceby 8 December 2009 (e-mail: regulation@plusmarketsgroup.com,
telephone: 0207553 2000).
Matthew Flowers
Chief Executive
The directors of the issuer accept responsibility for this announcement.
For further information please contact:
Matthew Flowers
Chief Executive
Angela Flowers Gallery PLC
Head Office
Flowers East
82 Kingsland Road
London E2 8DP
Tel: +44 (020) 7920 7777
Fax: +44 (020) 7920 7770
Email: gallery@flowerseast.com
Gavin Burnell
Ruegg & Co Limited
Tel: +44(020) 7448 4471
gburnell@ruegg.co.uk
END
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