RSM Tenon’s shareholders are to vote on
changing its shares from a “premium listing” to a “standard
listing” category as a way to further ease the financial pressure
of the firm.
RSM Tenon said the move is necessary in order
to implement numerous strategic initiatives that would improve the
efficiency of the firm following a share slump and a 3% drop in
revenues to £107.8m ($168m) announced in February.
The firm said it needs increased regulatory
flexibility; however its current listing category means that it
needs to seek 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.
“These restrictions, which would not be
applicable to a company that has a standard listing rather than a
premium listing, have prevented the company from carrying out a
number of projects. Consequently these projects have been rendered
impracticable on both a time and cost basis,” RSM Tenon said.
The change would not affect the way
shareholders buy or sale stocks and the vote will take place at the
firm’s general meeting on 4 July.
