Global Ports Holding PLC Announces Delisting from London Stock Exchange

Global Ports Holding PLC (GPH), the largest independent cruise port operator worldwide, has announced its intention to delist from the London Stock Exchange (LSE). The company’s shares, currently listed on the standard segment of the Official List of the Financial Conduct Authority (FCA) and traded on LSE’s main market, will be affected.

The decision follows a thorough review by key directors Ayşegül Bensel, Ercan Ergül, and Jérôme Bayle. They have requested the FCA to cancel the listing and LSE to halt trading of the company’s shares, effective from August 9, 2024. As GPH is on the standard listing segment, shareholder approval for delisting is not required.

The delisting is accompanied by an unconditional offer from Global Ports Holding B.V., a subsidiary of Global Yatırım Holding A.Ş (GIH), to buy all shares at $4.02 each, providing a cash exit for those unwilling to hold unlisted shares.

The directors cited several reasons for delisting: improved ability to raise funding, reduced disclosure requirements, freedom to execute long-term strategies, and lowered regulatory burdens. They believe this move serves all shareholders’ best interests.

Post-delisting, shareholders will face reduced liquidity, lack of market price, and decreased protections under the Listing Rules and Market Abuse Regulation. Further, the City Code on Takeovers and Mergers will no longer apply.