Boundary Capital to cancel listings

Boundary Capital plans to cancel its listing on exchanges in London and Dublin because it cannot meet the associated costs.

The Dublin-based firm is also seeking shareholder approval to change its name to Fleming Capital, and said it still has not agreed an extension of its debt facility with Anglo Irish Bank.

"After careful consideration, the board believes that it would be appropriate at this juncture to cancel the trading of the ordinary shares on AIM and ESM as the costs of maintaining a listing are not justified due to the difficult financial position the company is in and particularly given the company's reliance on its bank, Anglo Irish Bank, as outlined in the annual report sent to shareholders," it said in a statement.

Boundary Capital recorded a loss after tax in 2008 of €54.4 million arising from the revaluation of its portfolio to €29.2 million from €80.4 million. This was further decreased in 2009 to €11.2 million.

Its net asset deficit widened to €29 million at the end of last year, with €39.2 million owed to Anglo Irish Bank.