Biofrontera, the biopharmaceutical company focusing on sun-induced skin cancer, has decided to cancel the admission of its ordinary shares to trading on the AIM Market of the London Stock Exchange (AIM)with effect from 7.00am (GMT) on February 18, 2016.
The Leverkusen-headquartered company said on Wednesday that last trading day on AIM will be February 17, 2016. Up to and including this date, the company said its shares will continue to be traded on AIM and the Prime Standard of the Frankfurt Stock Exchange operated by Deutsche Börse AG (Frankfurt) on an uninterrupted basis.
According to Biofronteras press release, the decision has been made following a review of the its AIM listing by the Board. The company explained that given the composition of its shareholder base, as well as the very low volume of trading in shares on AIM, the Board has concluded that the costs incurred in maintaining a secondary listing on AIM, exceeds the benefits obtained from the listing.
“On this basis, the Board considers it in the best interests of the Company and all shareholders to seek a cancellation of its shares from trading on AIM,” Biofrontera’s press release reads.
Continuing Frankfurt listing
Biofrontera will continue to maintain its Frankfurt listing and shareholders wishing to trade its shares after the Cancellation Date will be able to do so on the Frankfurt Stock Exchange. Accordingly, the Cancellation is not subject to shareholder approval, the company noted.
Biofrontera gave “Further Information”
Following the cancellation of the Company’s admission to trading on AIM, the Depositary Interests (“DI”) which have been trading on AIM will be cancelled on or around 22 February 2016 (the “Effective Date”). The Company will continue to be admitted to the Prime Standard of the Frankfurt Stock Exchange and the Company’s securities will continue to be traded on the Frankfurt Stock Exchange. As a result, DI holders on the UK register should not be materially prejudiced as a result of the delisting from AIM.
Computershare, as the Company’s UK Depositary, will shortly be writing to each DI holder in the UK to advise them of the process in more detail.
Holders of DIs will have two options:
Prior to the Effective Date, DI holders may request cancellation of their DIs and the transfer of the underlying shares to an account of a brokerage firm authorised to carry out businesson the Frankfurt Stock Exchange.
If DI holders take no action, their current DIs will be cancelled automatically on the Effective Date. Computershare will then transfer their underlying Shares to Crest International Nominees Ltd, (acting on behalf of Euroclear UK & Ireland Limited) (the new “Custodian”), who shall then issue CREST Depositary Interests (“CDIs”) to them in respect of their underlying shareholdings.