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Finance Ireland to de-list from AIM

Finance Ireland had confirmed it intends to seek the approval of shareholders to de-list its ordinary shares on AIM and IEX.

This comes after the firm announced its temporary withdrawal from the Lifetime Mortgage business due to ongoing difficulties in the mortgage securitisation and wholesale funding markets.

Since then the firm has dramatically reduced its overhead costs to a level commensurate with the ongoing management of its Lifetime Mortgage and Reversionary portfolios.

It says that the costs and regulatory requirements associated with maintaining listings on AIM and IEX are a significant burden on a company of its size and totalled some 300,000 euros in 2007.

The firm says it continues to seek opportunities in niche financial services and has examined a number of possible acquisitions to increase shareholder value.

The directors say they may reconsider a re-listing when market conditions improve.

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