RNS – Intended Cancellation of Listing

The Board of Aquila, the provider of professional support services and consultancy advice to organisations in socially focussed sectors in the UK and abroad today announces that it has applied to the Financial Conduct Authority (“FCA”) and London Stock Exchange plc (“LSE”) to effect a cancellation of listing of its ordinary shares on the standard segment of the FCA’s Official List (the “Standard List”) and trading on the main market for listed securities of the LSE (“Main Market”) (“Cancellation”).

The Directors have recently completed an internal strategic review exercise which focused on addressing how the Company might best seek to ensure the growth of the Company in order to provide an improved return to shareholders, maximise the retention of key skilled staff and to attract the best new talent, and unanimously concluded that the Cancellation will be in the best interests of the Company, its business and existing shareholders as a whole.

The Directors must stress that the Company continues to trade well, remains financially robust and debt free.  Further Board rationale for the Cancellation is provided in the letter to Shareholders from the Group Chair, Derek Joseph, which is set out in full in Appendix 1 to this announcement.   

As a Standard Listed company, Aquila is not required to obtain the approval of shareholders for the Cancellation. Pursuant to Listing Rule 5.2.8R though, the Company is required to give at least 20 business days’ notice of the intended cancellation of its listing. It is anticipated that the Cancellation will become effective at 8:00 a.m. on 22 March 2024. Following the Cancellation, the Company will no longer be subject to the regulatory and statutory regime which applies to companies admitted to the standard segment of the Official List and traded on the Main Market.

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain.

To view the full RNS on the London Stock Exchange, please click here.

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