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(Sharecast News) - Celadon Pharmaceuticals announced on Wednesday that it intends to delist its shares from AIM and re-register as a private limited company, subject to shareholder approval.
The proposed cancellation of its AIM listing was expected to take effect at 0700 BST on 8 August.
It said the decision followed a strategic review and was considered by the board to be in the best interests of both the company and its shareholders.
A general meeting had been convened for 1300 BST on 28 July at the Aston Tavern Hotel in Birmingham, where shareholders would vote on the proposed cancellation, re-registration, and the adoption of new articles of association.
Celadon said it had posted a circular to shareholders explaining the rationale for the move, its implications, and the board's recommendation in favour of the proposals, which was also available on the company's website.
The UK-based pharmaceutical company, which focuses on the research, cultivation, manufacturing and sale of cannabis-based medicines, said the move reflected its view that private ownership was better suited to its next stage of growth.
Reporting by Josh White for Sharecast.com.
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