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The Quarto Group has called a special meeting of its shareholders for 14th December, where it will ask them to approve a resolution to withdraw its shares from the main market of the London Stock Exchange.
If the resolution is passed, Quarto will cease to be a public listed company as early as 18th January 2024, 37 years after the company was admitted to the main market. Post delisting Quarto said it intends to offer a share buyback, through a tender offer.
A press statement said: “Quarto believes that as a private company it will be better able to make investments and enter into strategic transactions more efficiently, ensuring the continued development of the business while meeting financial commitments.”
Alison Goff, Quarto c.e.o., said: “This is a positive move for Quarto, allowing it to be flexible and nimble without the regulatory constraints and costs associated with being a listed company, with the ability to close future acquisitions more quickly without having to comply with the listing rules. It will enable Quarto to implement long-term strategic and operational changes, improve its profitability and safeguard the competitiveness of its business in the global book market.”
Quarto’s half-year revenues, posted in August, were down 16% to $52m (£41m) while operating profit was down more than 50% to $3.1m (£2.5m). The publisher has undergone a number of changes recently, including a rebranded group logo and office move.