Allied Healthcare Plans Cancellation of Admission
July 01 2010 - 7:00AM
UK Regulatory
TIDMAHI
RNS Number : 5961O
Allied Healthcare International Inc
01 July 2010
Allied Healthcare International Inc. Announces Intended Cancellation of
Admission to Trading of Depository Interests on AIM
NEW YORK, NY--(Marketwire - July 1, 2010) - Allied Healthcare International Inc.
(NASDAQ: AHCI) (AIM: AHI) ("Allied"), a leading provider of flexible healthcare
staffing services in the United Kingdom, announces today that it has requested
the cancellation of admission to trading of its depository interests on the
Alternative Investment Market (AIM) of the London Stock Exchange. Cancellation
will become effective as of 7:00 a.m., U.K. time, on August 20, 2010 (the
"Effective Time"). The depository interests will trade on AIM through the close
of business on August 19, 2010. Each depository interest represents one share of
common stock of Allied.
The shares of common stock of Allied will continue to trade on the Nasdaq Global
Select Market after the cancellation of admission to trading on AIM of the
depository interests.
Allied's depository interests were admitted to trading on AIM in December 2005
in the expectation (among other reasons) that the quotation would provide an
additional source of liquidity for investors who wished to own an equity
position in Allied. Allied also anticipated that the admission to trading on AIM
of its depository interests would enable it to access the capital markets in the
U.K. and provide it with an enhanced ability to undertake acquisitions. However,
there have never been more than ten holders of depository interests at any one
time and there are currently only eight holders of depository interests. As a
result, Allied has not realized the benefits it anticipated at the time of
admission. In light of this and the costs and additional regulatory burdens
associated with continued admission of its depository interests, the board of
directors of Allied has determined to request the cancellation of admission to
trading on AIM of its depository interests as of the Effective Time.
At the Effective Time, the Deed that established the depository interests will
be terminated and the depository interests will cease to exist. Prior to the
Effective Time, holders of depository interests will be able to trade their
depository interests on AIM or transfer their depository interests into an
identical number of shares of common stock of Allied. In the event that any
holder of depository interests has not transferred its depository interests into
shares of common stock prior to the Effective Time, at the Effective Time the
depository will cause any holder of then-outstanding depository interests to be
registered on the stockholders' list of Allied as a holder of an identical
number of shares of common stock of Allied. Allied will send to the current
holders of depository interests a letter explaining their options for converting
depository interests into shares of common stock.
About Allied Healthcare International Inc.
Allied Healthcare International Inc. is a leading provider of flexible
healthcare staffing services in the United Kingdom. Allied operates a
community-based network of over 110 branches with the capacity to provide carers
(known as home health aides in the U.S.), nurses, and specialized medical
personnel to locations covering approximately 90% of the U.K. population. Allied
meets the needs of private patients, community care, nursing and care homes, and
hospitals. For more news and information please visit: www.alliedhealthcare.com.
Forward-Looking Statements
Certain statements contained in this news release may be forward-looking
statements. These forward-looking statements are based on current expectations
and projections about future events. Actual results could differ materially from
those discussed in, or implied by, these forward-looking statements. Factors
that could cause actual results to differ from those implied by the
forward-looking statements include: general economic and market conditions;
Allied's ability to continue to recruit and retain flexible healthcare staff;
Allied's ability to enter into contracts with local government social services
departments, NHS Trusts, hospitals, other healthcare facility clients and
private clients on terms attractive to Allied; the general level of demand for
healthcare and social care; dependence on the proper functioning of Allied's
information systems; the effect of existing or future government regulation of
the healthcare and social care industry, and Allied's ability to comply with
these regulations; the impact of medical malpractice and other claims asserted
against Allied; the effect of regulatory change that may apply to Allied and
that may increase costs and reduce revenues and profitability; Allied's ability
to use net operating loss carry forwards to offset net income; the effect that
fluctuations in foreign currency exchange rates may have on our
dollar-denominated results of operations; and the impairment of goodwill, of
which Allied has a substantial amount on the balance sheet, may have the effect
of decreasing earnings or increasing losses. Other factors that could cause
actual results to differ from those implied by the forward-looking statements in
this press release include those described in Allied's most recently filed SEC
documents, such as its most recent annual report on Form 10-K, all quarterly
reports on Form 10-Q and any current reports on Form 8-K filed since the date of
the last Form 10-K. Allied undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information, future
events, or otherwise.
CONTACT
Allied Healthcare International Inc.
Sandy Young
Chief
Executive Officer
Paul Weston
Chief Financial Officer
+44 1785
810600
Or
Piper Jaffray Ltd. (Nominated Advisor)
Matthew
Flower
Rupert Winckler
+44 20 3142 8700
Or
ICR
Inc.
Sherry Bertner
Managing Director
+1 646 277
1200
Sherry.Bertner@icrinc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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