TLRC to withdraw from the Stock Exchange next week

The Local Radio Company will withdraw from the London Stock Exchange from 7am on September 30.

The company’s majority shareholder UKRD has issued a statement to the City saying trading in the company’s ordinary shares will cease from the end of this month.

UKRD acquired the majority share of the radio group in May, when it owned 20 stations.  Since then, UKRD has sold six stations and closed one.

Last month, TLRC announced plans to delist from the Stock Exchange, saying it needs to save money to continue restructuring the business.

75% of shareholders needed to agree with the proposal and, at the time, TLRC’s chief executive William Rogers said he was confident of support from “well over 90%”.

“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,” Rogers said.