Contractor Lakehouse will delist from the main market of the London Stock Exchange to join the smaller AIM next month.
The move will take place on 11 May and follows shareholder backing at the company’s latest general meeting with only 1.5% voting against the move.
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.
The following series of profit warnings and board room power struggles saw the share price reach a low of 25p, it currently stands at 46p.
According to the company a move to AIM would be seen to offer great flexibility for the company with regard taking strategic actions, including potential future corporate transactions.
