The financially troubled British fast fashion retailer Quiz Plc wants to withdraw from the London Stock Exchange. On Friday, the company said it has scheduled an extraordinary general meeting for January 8th at which shareholders will vote on the delisting.
In order to withdraw from the stock exchange, 75 percent of those entitled to vote must approve the plan. The clothing supplier announced that key shareholders, who hold a total of around 66.7 percent of the shares, have already given their consent. These include founder and major shareholder Tarak Ramzan, who resigned as CEO in the spring, and his family members.
The company cited, among other things, the “significant” costs of listing on the stock exchange, the time required and the regulatory requirements as well as the difficult conditions on the financial markets as reasons for the planned step. It also hopes for greater flexibility in the composition of the board of directors.
The clothing retailer emphasized that a delisting is unlikely to complicate future financing options. Given its difficult situation, the company expects to need additional capital in the first quarter of 2025.