Contractor Lakehouse plans to delist from the main London Stock Exchange and apply for admission to the alternative investment market (AIM).
The move would be seen to offer great flexibility for the company with regard taking strategic actions, including potential future corporate transactions.
Any move would have to be ratified by shareholders at an AGM planned for later this month. The company would then move to AIM in May where shareholders would continue to hold their existing stake in the company.
The Essex-based contractor has experienced a tough few months, posting a £32m loss in January and experiencing unsettlement at board level with chairman Bob Holt joining the firm as non-executive chairman in July last year, after the exit of chief executive Sean Birrane in March and the resignation of former chairman Stuart Black.
Lakehouse founder Steve Rawlings, who returned to the board in April 2016, passed away in July.
In a trading update released Monday, Holt, said: “The group is performing to the board’s expectations as a result of the strategic initiatives implemented in each division and we expect a strong second half performance from the group as previously indicated. We remain focused on restoring shareholder value by delivering against our organic growth strategy.”
