MCM Entertainment Group (MEG), the production company behind Take 40 Australia, has announced that it plans to delist from the Australian Stock Exchange (ASX).
MCM Entertainment Group floated under code MEG on the ASX back in 2007. The company used its three businesses MCM Media, Movideo and Igloo to support the float.
This week, in an announcement to the Australian Stock Exchange, MCM Entertainment Group requested to be removed from the ASX citing “a disproportionate impact on share price”, “listing and related costs”, “lack of liquidity” and “no proposals to raise further capital”.
The request to be removed from the ASX was approved by shareholders.
The MEG removal from the ASX is expected to be officially approved at the Company’s Annual General Meeting in November 2012.