Parsley Box shares collapse 60% as it mulls delisting

Shares of Edinburgh-based ready meals firm Parsley Box Group plc fell about 60% on Tuesday afternoon after it announced it is considering “whether the company’s status as a publicly traded company continues to be in the interests of shareholders as a whole.”

The company said: “The board currently consider that the cancellation of trading in the company’s ordinary shares of one penny each on AIM (a ‘Delisting’)  may provide greater opportunities to raise any additional capital required by the company in the future.”

Parsley Box joined the stock market in March last year at £2 per share — but the firm has suffered a torrid first 19 months as a public company with its shares falling more than 97% to around 4p and the firm’s stock market value plummeting to around £3 million.

The company’s full statement read: “Parsley Box Group plc (AIM: MEAL), the direct to consumer provider of ready meals and other products focused on the 65+ demographic, today announces that its board, is in the process of assessing the various potential sources of capital available to the company to fund its medium term growth plans.

“This assessment includes consideration of whether the company’s status as a publicly traded company continues to be in the interests of shareholders as a whole. 

“The board currently consider that the cancellation of trading in the company’s ordinary shares of one penny each on AIM (a ‘Delisting’)  may provide greater opportunities to raise any additional capital required by the company in the future.  

“In its assessment, the board will consider the interests of the company’s shareholders as a whole and, in doing so, have regard for its wider stakeholders.

“Any such delisting would be conditional on shareholder approval and there can be no certainty that proposals for a delisting will be pursued by the board at this time.

“The board intends to continue discussions with key stakeholders and a further announcement will be made in due course.

“The board wishes to confirm that 2022 trading remains in line with market guidance and the company has cash reserves in excess of £3.5m.”