Datalex has announced its intention to leave the Irish stock exchange and transition to private ownership by cancelling its ordinary shares on the Euronext Growth market.
The company plans to seek shareholder approval through a circular to be sent this week, with an extraordinary general meeting scheduled for September 4 in Dublin.
Datalex’s share price was recorded at 30c, down 6pc from its initial float price of €6.84 in 2000, as it plans to raise additional capital through a €6m debt facility.
The board indicates that delisting will help reduce administrative costs by up to $1.4m annually and allow greater access to specialised investment sources, enhancing strategic execution and innovation.
Chairman David Hargaden affirmed that the transition to private ownership supports the company’s growth, stating that now is the right time to proceed after 25 years as a public company.
David Hargaden shared, “Datalex has been a public company for the last 25 years, and whilst it has been a tremendous journey, now is the right time to proceed with private ownership. The concentration of the company’s shareholder base and the lack of free float undermines many of the benefits that quoted companies generally enjoy.”
