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View All NewsUK – Rethink to de-list
At its general meeting yesterday, UK-based recruitment and consulting company Rethink Group (RTG: AIM) announced that shareholders had approved proposals to de-list from AIM. The last day of dealings of the company’s ordinary shares on AIM will be 8 December 2014 and the de-listing will become effective at 7am on 9 December 2014.
The re-registration of Rethink Group as a private company is expected to take place on 29 December 2014.
Rethink Group, earlier this month, also announced a tender offer, which represents approximately 30% of the company’s current issue. The offer equates to a premium of approximately +25% over the closing mid-market price per ordinary share on 7 November 2014 and a premium of approximately +21.1% over the 30-day volume weighted average ordinary share price.
At the time the de-listing proposal was announced, the company’s board conducted a review of the benefits and drawbacks to the group of retaining its listing on AIM and maintaining its existing corporate structure. The board believes that the delisting is in the best interests of the company and its shareholders as a whole.
Rethink Group’s latest financial results revealed that the company reported revenue growth of +4.5% to £56.5 million during the six months ending 30 June 2014, compared with a year ago. Net fee income during the period rose by +4.5% to £10 million, while operating profit increased by +18.4% to £809,000.