Hellenic Carriers moves to de-list in bleak drybulk market

The group said in a statement that the costs associated with maintaining its listing on AIM were no longer justifiable in “probably the worst market of the last 30 years”.

If at least 75% of shareholders vote to de-list at the Annual General Meeting on April 19, trading on AIM will cease immediately.

“Cancellation of the AIM listing will significantly reduce administrative expenses and management time required in connection with being a publicly listed company,” said the statement. “The Board considers that reducing overhead costs and freeing up management time so as to focus on the operation of the Company’s business in challenging times will be beneficial for the shareholders as a whole.”