Balmoral delists in reorganisation
BALMORAL International Land (BIL), the property company that was spun out of fruit company Fyffes, is to delist from the Irish and London stock exchanges as part of a company reorganisation.
In a statement to the exchanges, the company said it "intends to reorganise its group structure and to cancel its admission to the trading on the Enterprise Securities Market (ESM) in Dublin and London's Alternative Investments Market (AIM)".
As part of the restructuring, the company said it will create a new holding company -- Balmoral International Land Holdings -- and intends to list that company as soon as is "practically feasible".
Due to exchange regulations, however, the company will not be able to list on ESM or AIM.
Assuming the plan is approved, shareholders will receive one new share for every share held in BIL on August 23. The company's last day of trading will be September 1.
Balmoral, which was formed in 2006, has been hit badly by the downturn. The share price peaked at 59c in the months after it commenced trading but has collapsed since. Yesterday it was worth just over one cent.