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Filthy Forty Jiasen – EGM passes delisting motion, no NEX application filed, might go for HK instead (or not….)

By Nigel Somerville, the Deputy Sheriff of AIM | Wednesday 15 February 2017

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

That’s it then, ShareProphets AIM-China Filthy Forty play Jiasen (JSI) is to leave the Casino, with the last day of dealings on the 27th of this month. If you still hold, you know the deadline for claiming your bag of Tesco value crisps. But the statement is a hoot. A listing on the Hong Kong exchange? You’re ‘avin’ a bubble.

The company confirmed that it has not submitted an application to get its shares on to the NEX Exchange (the lobster-pot formerly known as ISDX) via the fast-track process and having already told the market on Monday that the deadline for that was yesterday I think it is safe to assume that’s now not happening.

Quite what shareholders who submitted proxy votes for the EGM before being told that the application hadn’t gone in and therefore thought it would might make of that I know not, but I’d be furious.

So having said it would delist from the world’s most successful growth market and move over to NEX, Jiasen hasn’t done the latter and looks as though it won’t. But it did say this:

Albeit that the Company has not progressed its application to the NEX Exchange Growth Market, it would like access to the equity capital markets in future and therefore intends to explore listing on an international market which may include, but is not limited to, Hong Kong.

Well that’s quite volte-face all of a sudden that it might try to list in Hong Kong. Or it might not. It may not come as a big surprise that I suspect the latter. Q!uite now Nomad Cairn allowed that through is beyond me, but maybe it is just getting demob-happy.

I don’t believe a word this company says any more, and frankly I never have. But I do believe one thing it tells us today – that it is waving bye-bye to the Casino on 27 February.

Welcome, entrant number 24, to that very special club of delisted Filthy Forty companies. Welcome indeed. Just 16 to go - and with two of those facing execution soon under the 6-month suspension rule I can't help but expect that there will be more.

Anyone still holding, you know what to do while you still can: SELL.

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