Fandango Holdings (LSE:FHP) has formally requested cancellation of its listing on the Official List and the Main Market, as it plans a move onto AIM alongside an acquisition in Idaho's historic Coeur d'Alene mining district.
The company, presently a listed cash shell, confirmed it intends to buy up to 50% of a private US company that holds interests in historic patented mining claims covering the Canyon Silver lead, zinc and silver mine in Shoshone County, one of the world's best-known silver mining districts.
Fandango first announced non-binding heads of terms relating to the deal in late May.
The board believes AIM is the more appropriate market for the size and stage of the enlarged group once the deal completes.
Completion still requires due diligence, definitive transaction documents, a shareholder vote, any associated fundraising, and publication of an AIM admission document.
In the meantime, trading in Fandango's shares remains suspended.
News Intelligence what this means for the company
Fandango Holdings has formally requested delisting from the London Stock Exchange's Main Market to move to AIM, targeting early November for the transition once its acquisition of up to 50% of Idaho's Canyon Silver mine completes. The company is a cash shell seeking to transform into an operating mining business; trading remains suspended and shareholders will not trade on the Main Market before delisting, with completion still contingent on due diligence, shareholder approval, fundraising, and regulatory sign-off.
The move from Main Market to AIM reflects the board's view that a junior mining venture is better suited to AIM's smaller-cap profile. However, the deal remains conditional on multiple hurdles—due diligence, shareholder vote, and fundraising—and the suspension of trading until delisting means shareholders cannot exit or adjust positions on the Main Market before the transition.
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