YCO to Drop PLC Status and Become Private Company Again

At the annual general meeting of YCO Group plc, held yesterday 25th June all resolutions put to the meeting were passed on a poll.

This means that the company will be delisted and that the last day of dealings in the company’s Ordinary Shares will be 2 July 2012.

Earlier, the Board had determined that the interests of all Shareholders would be best served by the proposed Delisting.

In particular, it believed that the benefits of Admission are no longer aligned to the strategic focus of the Company and that the stock market has not recognised the underlying value of the business.  

Delisting will allow the management team to increase their focus on the business itself by reducing the time and costs currently spent adhering to the administrative and regulatory requirements brought about by Admission.  

The Company re-joined AIM via a reverse takeover by YCO SAM in May 2008 as part of the wider strategy to form a full-service yachting group.  This strategy included the potential acquisition of established companies and brands from within the superyacht industry.  It required the Company to have access to capital markets in order to fund this strategy and to use its Ordinary Shares for acquisitions.