Oct 19 Britain's GW Pharmaceuticals Plc
said it planned to cancel its listing in London's
junior market and would retain listing of its American
Depositary Receipts (ADRs) on New York's Nasdaq to simplify
trading and cut expenses of dual listing.
The drug developer, which listed on London Stock Exchange's
Alternative Investment Market (AIM) in June 2001, said it would
remain headquartered in the UK and would continue to expand its
operations in the country.
"With the vast majority of shares now held and traded in the
U.S. in the form of ADRs, the time is right to reduce the
complexity and expense of a dual listing," its Chief Executive
Justin Gover said in the statement.
GW Pharma has had a rocky time on the London stock market,
and in 2013 opted for a dual listing on the Nasdaq, where it has
raised about $800 million from U.S. investors.
Its last day of trading on AIM will be Dec. 2, the company
(Reporting by Rahul B in Bengaluru; Editing by Amrutha