All Leisure Group has confirmed that it will leave the stock market after months of difficult trading conditions.
The firm behind brands such as Voyages of Discovery, Swan Hellenic, Hebridean Island Cruises, Discovery Egypt and Travelsphere said a resolution to cancel the company’s shares on the Alternative Investment Market was passed at a general meeting.
As a result, the last day of dealings in All Leisure shares on AIM will be June 15.
Following the announcement yesterday afternoon, the value of shares in the business dropped from 2.5p to 1.8p.
The company confirmed last month that it would be seeking shareholder approval to cancel its admission to AIM.
All Leisure, headed by chairman Roger Allard, made a pre-tax profit of £200,000 for the 12 months to October 21, 2015 against a loss of £7.2 million a year earlier.
The company stated when issuing annual results in February that it intended to achieve profitable growth “through the provision of an increasing choice of niche holidays targeted at the UK over 55’s market”.
The group agreed a sale and leaseback deal for the vessel Hebridean Princess in November, raising £3 million cash to improve liquidity.
Reporting results to the year to October 2015 in February, Allard said: “Trading conditions are expected to remain very challenging, especially in view of the escalating conflict in the Middle East and recent acts of terrorism, and the effect these events may have on consumers’ propensity to travel.”
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