North-east construction firm Tolent has announced its intention to cancel trading on AIM and will be seeking shareholder approval next month.
In a statement released last Friday the company’s board said that the costs of maintaining the listing were outweighing its benefits.
It said that provide trading updates under the AIM Rules are proving “commercially disadvantageous” in the current economic climate and that it did not believe it would be able to raise capital through a share issue.
The company has been listed on AIM since its demerger from Amco Corporation - now called Billington Holdings - in 1999.
Under the AIM Rules, the cancellation must be approved more than 75 per cent of the shareholders voting in a General Meeting, which will be held on 8 February 2010.