August 26, 2009 / 10:38 AM / 11 years ago

UPDATE 1-Local Radio plans to delist from AIM

* Says the move would help in saving costs

* Changes resulting from restructuring on track (Adds details)

Aug 26 (Reuters) - Britain’s Local Radio Co Plc TLR.L said it planned to delist from London’s Alternative Investment Market (AIM) to save costs while its restructuring continued.

Local Radio joins a growing band of small-cap companies that are exiting the junior market, with many deciding the cost of staying listed outweighs any potential benefit.

The company, which runs a network of 21 stations including Silk FM and Stray FM, said the changes resulting from the restructuring were on track and would be completed over the next few months.

About 26 companies have delisted their shares from AIM in July alone. The total number of listed companies on the junior market has fallen to 1,386 at the end of July from their peak of 1,694 in 2007.

In 2008, about 88 companies had delisted from UK stock markets, mostly from AIM, according to a report from the London Business School and Royal Bank of Scotland. (Reporting by Purwa Naveen Raman in Bangalore; Editing by Jarshad Kakkrakandy)

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