BusinessBusiness RecoveryLeicester City shares de-listed from AIM

Leicester City shares de-listed from AIM

The shares of cash-strapped First Division club Leicester City have been de-listed from the Alternative Investment Market, after administrators from Deloitte & Touch stopped paying its nominated advisor.

Link: Extra time for Leicester City

All companies listed on AIM must have a nominated advisor, who takes responsibility for the company coming to market and advises the company thereafter.

If a company loses its advisor, its shares are suspended for a month and then de-listed if it still doesn’t have one after another month has passed.

Leicester City’s administrator Deloitte & Touche said it has stopped paying the company’s advisor Collins Stewart because ‘there would not be value in incurring expenses by appointing a nominated adviser.’

A spokeswoman said: ‘The administrators’ efforts are focussed on preserving the football club not the quoted entity.’

She added that cancellation of shares during insolvency is standard procedure.

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