- Live entertainment marketing group Reach4entertainment Enterprises moved to de-list its shares to save costs as the Covid-19 pandemic severely hurts its business.

The de-listing from AIM would be voted on by shareholders on 21 August.

'The impact of the Coivd-19 pandemic on the business both financially and operationally has been severe,' Reach4entertainment said.

It added that trading had been materially affected by the closure of all live venues in London's West End and on Broadway, as well as the cessation of all concerts and large-scale live events.

'The board believes that the theatre and live entertainment market has the potential to recover but that it is still not clear how long it may take trading performance to recover to levels seen previously,' the company said.

'After careful consideration, it is the board's belief that in a time where prospects for the future are uncertain and where cash management is paramount, the costs of maintaining a London listing outweigh the benefits afforded by operating as a public company.'

'The board believes that these permanent cost savings will strengthen the balance sheet and provide a greater level of capital to deploy to drive the continued growth of the group.'

'In addition to the cost savings described above, the board believes that operating as a private company will provide a greater degree of flexibility and allow for strategic decisions to be implemented faster and more efficiently and ensure the company's cost base is sustainable in the longer term. '

At 2:08pm: (LON:R4E) Reach4Enternainment Enterprises share price was -0.1p at 0.14p

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