TLRC to delist from the London Stock Exchange

The Local Radio Company is to delist from the London Stock Exchange at the end of September to save money while it continues to restructure the business.

Shareholders in TLRC will be given the opportunity to vote on the proposal to delist the company on September 22 and if 75% or more agree, it will not be listed on the Stock Exchange after September 30.

William Rogers, chief executive of TLRC, said he believes the radio group has secured support from “well over 90%” of shareholders.

Rogers said the company “doesn’t gain from being publicly listed any longer” and being publicly quoted stops the company from “moving quickly”.

“It is quite costly being quoted and TLRC would rather not spend the money maintaining advisers and auditors and issuing announcements. TLRC would rather use the funds to invest in the business,” he said.

UKRD acquired the majority stake in TLRC in May and has since sold five stations and closed one station.