AFA Systems to delist and move to AIM

AFA Systems to delist and move to AIM

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.

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