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Pointon York insists delisting not linked to possible sale

Geoff Pointon 480

Pointon York chairman Geoff Pointon insists the decision to delist the Sipp provider from the PLUS Market stock exchange is not a precurser to a sale.

Pointon York was put up for sale in September last year after receiving “several” approaches from prospective buyers.

The company was taken off the market in November after deciding it was in shareholders best interests to remain an independent company.

In a statement issued last week, it said increasing costs associated with the listing are now potentially outweighing the benefits.

Speaking to Money Marketing, Pointon says: “There is no link between the decision to delist and any future sale, although I would never rule anything out.

“Listing on PLUS amounts to a serious amount of money every year and we asked ourselves ‘why are we still doing this?’.

“If a shareholder says they would like to sell their shares, we will make arrangements for them to be matched, which is the way PLUS Market works.”

Syndaxi Chartered Financial Planners managing director Robert Reid says: “I suspect Pointon York will become much more attractive to a potential buyer because the costs of being listed on PLUS are astronomical.”

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