Argent BioPharma to delist from London Stock Exchange

(Sharecast News) - Drug discovery company Argent BioPharma announced its intention to delist its ordinary shares from the London Stock Exchange on Friday. The company, formerly known as MGC Pharmaceuticals, said the decision came after a review of the costs and requirements associated with maintaining its secondary listing under the equity shares (international commercial companies) segment of the Official List maintained by the UK's Financial Conduct Authority (FCA).

It said the delisting process, which did not require shareholder approval due to the nature of the company's listing category, would take effect at 0800 GMT on 31 December.

The final trading day for Argent BioPharma shares in London would be the same date.

Following the delisting, the firm would continue to be listed on the Australian Securities Exchange (ASX) and the OTCQB Venture Market in the United States.

Argent BioPharma said the move was designed to streamline operations and reduce administrative burdens.

Shareholders and holders of depositary interests would receive further guidance on how the delisting would affect their holdings, as well as steps to maintain the tradability of their securities.

While its primary operations are based in the EU, the company noted its growing US investor base and hinted at potential future plans for a dual listing on a US-based exchange.

At 0959 GMT, shares in Argent BioPharma were down 40.44% at 9.23p.

Reporting by Josh White for Sharecast.com.