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Sheffield United plans to delist shares

Thu Dec 4, 2008 2:49am EST

Dec 4 (Reuters) - English soccer club Sheffield United Plc SUT.L said on Thursday it applied for delisting its shares effective Jan. 7, citing low liquidity of its shares and a fall in their value caused by the economic turmoil.

The South Yorkshire club said it was unable to raise capital from institutions following their lack of interest in committing funds to companies in the football industry.

Sheffield also cited the costs associated with maintaining listing on the AIM, London Stock Exchange's junior market, as a reason for the delisting.

The company said it would seek shareholder approval for delisting its shares at an extraordinary general meeting on Dec. 27.

"By delisting we will reduce costs and will make it easier to reposition the company to better achieve our aspirations, which include promotion back to the Premier League for Sheffield United," Chairman Kevin McCabe said in a statement.

Sheffield United shares closed at 8.5 pence on Wednesday. (Reporting by Srikanth Srinivasa in Bangalore; Editing by Gopakumar Warrier)



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