Maistro Plc (AIM: MAIS) announces that it is proposing to cancel the admission to trading on AIM of its Ordinary Shares.
A circular will be published and posted to the Company’s Shareholders on 20 May 2019 setting out further details of the Cancellation and the implications for the Company’s Shareholders (“Circular”). The Circular will also contain a notice convening a general meeting of the Company (“General Meeting”) at which Shareholders are being invited to consider the proposed Cancellation, re-registration as a private limited company (“Re-registration”) and adoption of new articles of association (together, the “Resolutions”).
The Directors consider these proposals to be in the best interest of Company and its Shareholders as a whole after considering, amongst other things, the costs of maintaining trading in the Ordinary Shares on AIM and the limited free float and liquidity in the Ordinary Shares and intend to vote in favour of the Resolutions at the General Meeting.
The Ordinary Shares are expected to continue to be admitted to trading on AIM until Cancellation, which is expected to be effective at 7:00 a.m. on 28 June 2019. Further details of the intended Cancellation, including an expected timetable, are detailed below.
The Board continues to expect net revenue growth in the current year and to make progress on a number of key metrics including broader customer base and improved margins in line with comments made at the final results in March 2019.
Whilst revenues from the Company’s largest customer were slower than forecast in Q1, the pipeline of opportunities is strong with a number of large UK corporates expected to start sourcing services through the Maistro Platform in Q2 and Q3. The Board has implemented efficiencies in its cost structure to reflect the greater focus on domestic customers and it expects that the Company has cash runway into 2020.
The Board expects to raise further capital in the near future to extend the cash runway to further support business growth.