The majority of RSM Tenon shareholders have
voted in favour of a switch in its share catergory from premium
listing to standard listing.
At RSM’s general meeting this week, 97% of
voters opted for the change as a way to further ease the financial
pressure of the firm, following a decision announced in June.
The firm now plans to submit its application
for the Transfer of Listing to the UK Listing Authority, expecting
it to take effect at the beginning of August 2012.
RSM Tenon said in February it had suffered a
share slump and a 3% drop in revenues to £107.8m ($168m).
The aim of this move is to enable the firm to
implement strategic initiatives to improve efficiency and overcome
the negative financial result.
The new category listing will allow it to be
more regulatory flexibility, as its current listing category
necessitates prior shareholder approval in connection with an
acquisition or disposal of assets that exceed a certain size
criteria or involve a transaction with a related party.