Troubled City software house AFA Systems is to delist its shares from the London Stock Exchange's main market and move to the Alternative Investment Market (AIM).
Fresh from a round of staff cuts and office closures, AFA Systems recently warned of continuing difficult trading conditions in Q2 2002. The company reported a £1.2 million operating loss in the first half.
During the course of the year, AFA's shares have plunged from a high of 117 pence to stand at their current level of 18 pence. The company has been identified as a potential takeover target for a better capitalised outfit.
With no offers forthcoming, AFA directors believe that a move to AIM will provide a "greater degree of flexibility" than that afforded by the more tightly regulated official list. The transfer is expected to take place on 8 January, 2003.