TLRC plans to drop Stock Market
The last publicly listed UK radio broadcaster, TLRC, is planning to de-list itself from the Alternative Investment Market.
The company, now mostly owned by UKRD, is currently seeking Shareholder approval to cancel the admission of the Ordinary Shares to trading on AIM, and to leave the London Stock Exchange. It said it will generally be simpler and more cost effective to manage an unlisted company, rather than a publicly quoted company.
Since UKRD took control of TLRC, it has sold six stations (IOW, Fire, Silk, Central, Sovereign and Arrow FM) and closed another (Mix 107). Reports also suggest a 7th (The Quay) will be sold in the next couple of days.
It will leave TLRC with full control of 12 stations, and with a major shareholding in one other, 107 The Bee in Lancashire.
In a statement issued today, the company says [i]cash flow remains difficult and is a matter held under constant review by the Board. The Directors have undertaken a review of the benefits and disadvantages of the Company continuing to be admitted to trading on AIM. Following this review the Directors have concluded that it would be more beneficial for the Company and Shareholders if the Company were to de-list from AIM whilst the restructuring of the Company continues.[/i]
The Extraordinary General Meeting to decide such fate will be held on 22 September 2009.