Proposed cancellation of admission of ordinary shares to trading on AIM and Notice of General Meeting


Shore Capital, the independent investment group specialising in capital markets, asset management and principal finance, today announces its intention to seek shareholder approval to cancel its admission of ordinary shares to trading on the AIM Market of the London Stock Exchange, (the “Cancellation”).


Having considered the merits of maintaining the Company’s admission to trading on AIM, the Board believe that its proposal is beneficial on the basis that: 

     •   The Group has sufficient and significant capital to meet its growth ambitions, obviating the need to access new equity capital in the London markets by being admitted to trading on AIM.

     •   A lack of liquidity underpins what the Board believes to be a mispricing of the Company’s equity, evidenced by the substantial discount to NAV at which the shares trade. The strength of the Directors’ and senior management’s belief in this mispricing and the future prospects of the Company is evidenced by their significantly increasing their holding by c.14% since the beginning of 2017, to a total of over 67%.

     •   The considerable cost and management time associated with maintaining the Company’s AIM admission are, in the Director’s opinion, disproportionate to the benefits to the Company in retaining it.


The Company is retaining its listing on the Bermuda Stock Exchange (Ticker: SGR.BH). Bermuda is a designated recognised stock exchange, enabling shareholders to maintain their shareholdings in their ISA wrappers, and a facility to continue dealings in their shareholdings.  

The proposed Cancellation is conditional upon the consent of not less than 75% of votes cast by shareholders at a General Meeting. Subject to Shareholder approval, it is expected that the admission of the ordinary shares to trading on AIM will be cancelled with effect from 7.00 am on 1 November 2019. A circular has been posted to shareholders containing further information.


Notice of General Meeting

The Board’s delisting proposal will be put before a shareholder vote at a General Meeting to be held at 10 am on 15 October 2019 at 3rd Floor, 1 Le Truchot, St Peter Port, Guernsey GY1 1WD.

The notice of the General Meeting and form of proxy have been posted to shareholders and are available to view here.  



Shore Capital   +44 (0) 20 7468 4050

Simon Fine, Co-Chief Executive

David Kaye, Co-Chief Executive

Lynn Bruce, Director  +44 (0) 14 8172 8902


Grant Thornton UK LLP (Nominated Adviser)   +44 (0) 20 7383 5100

Philip Secrett

Jamie Barklem


Monfort Communications (Public Relations)   +44 (0) 78 1234 5205

Olly Scott