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Quarto’s shareholders have approved a resolution to withdraw its shares from the main market of the London Stock Exchange.
Quarto will cease to be a public listed company on 18th January 2024. The voting results from the special meeting held today (14th December) were 14,162,924 Common Shares in favour (98.21%) and 632,919 Common Shares against (1.79%), with 8,000 Common Shares abstaining.
Quarto announced the proposal for the special meeting in November, arguing Quarto “will be better able to make investments and enter into strategic transactions more efficiently” as a private company.
Alison Goff, Quarto c.e.o., said at the time: “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.