Dispensa, the holding company that focuses on luxury food brands, is set to delist from the London Stock Exchange, as the firm has fallen to just £2.3m in market cap.
The delisting was approved by the firm’s board of directors “following extensive deliberation” over how to best maximise shareholder value for the company.
The board said it “believes that its strategy of buying undervalued, traditional premium brand businesses and digitising their systems and processes to significantly increase revenue, margins and value, is more suited to a private equity environment”.
Formerly known as Zamaz, the firm’s stock price has fallen a whopping 96.8 per cent since it listed in September 2022, with a steady decline since June last year.
It is down 69.7 per cent in the last day alone on the back of the news of delisting.
The firm said it would be sending out further details by the end of the week, and will call a general meeting for shareholders to approve the delisting.
Moore Kingston Smith have also been dropped as the company’s auditor, given its concern that it may not be able to deliver the audit of the company’s accounts for the last sixteen months by the deadline of 30 April.
In November, the group’s CEO Alessandro Colombo resigned due to “pressing personal reasons”, after only a month in the job.