Following the proposed Cancellation, the Board believes that the requirements and associated costs of the Company maintaining its public company status will be difficult to justify and that the Company will benefit from the more flexible requirements and lower overhead costs associated with private limited company status.
It is therefore proposed to re-register the Company as a private limited company and for New Articles be adopted to reflect the change in the Company’s status to a private limited company.
The proposed New Articles contain only minimal changes that are intended to drive ongoing cost efficiency and flexibility. The proposed New Articles can be found here, with changes to the existing Articles clearly marked up.
