GLOUCESTERSHIRE, UK, April 23, 2004 (PRIMEZONE) -- On 28 October 2002, VI Group plc ("VI" or "the Company"), announced that trading commenced in American Depositary Receipts ("ADR"s) representing its ordinary shares on the American Stock Exchange ("AMEX"). The directors have reviewed the AMEX trading facility in light of the Company's objectives and have concluded that the costs of maintaining the facility outweigh the benefits derived from it. Accordingly the directors have decided to apply for de-listing of the Company's ADRs from AMEX. Trading on Amex will be suspended following the market close on 29th April 2004. ADR's will continue to be traded in the United States on the over- the-counter market.
The ordinary shares of VI will continue to be traded on AIM in the UK.
In taking this decision, costs of approximately GBP0.5 million relating to the setting up and maintenance of the facility and US fund raising that were previously capitalised and carried forward in the balance sheet will now be written off.
Underlying trading is in line with the directors' expectations. However, after taking into account the above and other provisions, which the directors have deemed it prudent to write off, the directors expect the results after interest, depreciation and amortisation for the year ended 31 December 2003 to be significantly below market expectations.
A further announcement containing the preliminary results for the year ended 31 December 2003 will be made in due course.
This information is provided by RNS
The company news service from the London Stock Exchange