Datatec cancels London listing

ICT company Datatec said that Thursday would see its final day of trading on the Alternative Investment Market (AIM) of the London Stock Exchange.

The company previously announced on 24 October 2017 that the secondary listing of its shares on the AIM would cease and that cancellation would be effective at 7:00am GMT on 8 December 2017.

“The primary listing of Datatec shares on the JSE will continue and is not affected by the cancellation of the AIM listing,” it said.

Datatec said it initiated a secondary listing of its shares on AIM in October 2006 with the intention of providing the group with greater access to capital with which to support the continued growth of its international businesses and to attract a broader range of institutional investors.

“However, the AIM listing has not had the desired effect of diversifying Datatec’s investor base. The liquidity of the shares on AIM has been very poor and no significant investors from the UK market have invested in Datatec shares via AIM,” the group said.

It added that 24% of Datatec’s shareholders are non-South African and invest via the JSE because of the good liquidity in the market.

Read: Datatec reports big drop in profit after challenging year

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Datatec cancels London listing