A&D Pharma plans to delist from London Stock Exchange next year

Pharmaceutical company A&D Pharma, which has been listed on the main market of the London Stock Exchange since 2006 (symbol ADPH), plans to delist its shares from the stock exchange from February next year, pending on the shareholders' decision. The A&D Pharma shareholders will meet on January 31, 2011, to decide on the delisting, the company has announced. The decision was based on the very limited liquidity in the global depositary receipts (GDRs) and to the fact that the company has not achieved its objectives set when the listing was done. “In addition, senior executives of the company are required to spend valuable management time and energy in maintaining the listing and complying with associated regulatory requirements and the Company continues to bear the ongoing costs of the listing,” according to A&D Pharma. The company offers EUR 4.5 per GDR, which is approximately equivalent to the volume weighted average price of the GDRs for the six months prior to the date of this announcement. The company has proposed reducing the the value of each ordinary share from EUR 1 to EUR 0.01 in order to cover the purchase of all the GDRs outstanding. A&D Pharma is controlled by its founders, Walid Abboud, Roger Akoury, Ludovic Robert and Michel Eid, who together own 61.29 percent of the shares. A&D Pharma runs the Sensiblu chain of pharmacies in Romania, as well as the Mediplus distribution company and the Anima clinics. editor@romania-insider.com