Amarin to cancel AIM and IEX listing as shareholder base shifts stateside
Thursday, June 19, 2008
Amarin, the Dublin-based biopharmaceuticals business, is set to cancel its listing on AIM and Ireland’s IEX citing high costs and low liquidity for the move.
Amarin also has a Nasdaq share listing in the US which is where 97pc of its share trades take place. The company said the cancellations would not interfere with its business or its pipeline and that shareholders would be able to trade in American Depository Share (ADS) form in the normal way.
In May this year Amarin closed a $30 million first tranche of a potential $60 million private placement. As a result its shareholder base is now predominantly in the US.
It said that since seeking admission to AIM and IEX in July 2006, liquidity had been very limited, and the ongoing cost and administrative burden of maintaining the admissions in addition to the Nasdaq listing was significant.
The cancellation is scheduled for July 17.
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