Regent Inns confirms plan to de-list shares

Regent Inns has confirmed its intention to delist its shares from the London Stock Exchange once investors have approved the proposal.

In a statement released today the Walkabout operator said its share price and the resulting market capitalisation of the group had been at "very low levels relative to the past for some time", while demand for stock had been "limited".

The costs of being listed were now "very significant" relative to the group's operating profit and market capitalisation, it added.

Regent said it expected to save in the region of £200,000 in compliance and other administrative costs associated with being a listed company.

Shareholders will be asked to approve the proposal at the group's AGM on May 14, 2009, with a de-listing potentially coming into effect on June 15, 2009.

Regent's stock has been trading at below 5p since September last year, having touched 100p three years ago.

On news of the proposed de-listing its shares fell nearly a third - albeit to 1.24p. The group said its shares will still be available via a 'matched bargain' settlement facility.

The group also updated the market on trading, with like-for-like sales since December 28, 2008, down 11.4 per cent on the same period last year.