Meikles Limited is seeking stakeholder approval to delist from the London Stock Exchange (LSE), The Exchange reported citing a notice to shareholders released on November 14, 2022. The proposal will be among the key issues to be discussed during the firm’s annual general meeting (AGM) on December 5.
Zimbabwe Stock Exchange (ZSE)-listed diversified group Meikles Limited said:
That the company cancels the listing of its 4 556 899 ordinary shares on the official list of the financial conduct authority and the trading on the main market of the London Stock Exchange,” the company said in the notice under special business.
That the directors of the company are hereby authorised to do all such things required to delist the company’s shares from LSE.
Meikles is an investment holding company incorporated in 1937 with a primary listing on the ZSE and a secondary listing on the London Stock Exchange. Meikles Limited shares resumed trading on the London Stock Exchange following the lifting of the suspension slapped on the company’s shares by the LSE in 2009.
This means that Meikles had a dual listing. Dual listing means that the shares of a company are mainly listed on two or more different exchanges.
The secondary listing means that a company trades its shares on a stock exchange other than the place where the first listing is made. As in this case, Meikles has a secondary listing on LSE.
The benefit of a dual listing is that it can make the company’s shares be contacted by more market investors, obtain more raised capital, and improve the stock liquidity of the company.
With Meikles gearing for the delisting, it simply means they won’t enjoy such benefits. Shareholders will decide at the scheduled AGM.