An extraordinary general meeting will be held at Edwin Coe LLP, 2 Stone Buildings, Lincolns Inn, London WC2A 3TH, on 30 December at 11am to approve the change.

The directors said the company had a relatively small free float and market capitalisation which, combined with economic and stockmarket uncertainty, was likely to prevent it from raising capital from investors at the moment.

The directors did not expect this situation to change in the foreseeable future.

They also said recent developments surrounding the company, mainly the notification by Schoot that it no longer wished to proceed with the loan agreement, the board felt it would be able to focus more effectively on the business of the group should the company not be listed.

Story provided by Business Financial Newswire