An Ofex statement said the directors of Gillingham Football Club plc had requested a suspension of trading in the shares with immediate effect. The annual accounts would be posted to shareholders on Friday December 7 with a letter regarding the proposed withdrawal from the junior market.
Gillingham shares began trading on Ofex at the end of February 2000 with a market capitalisation of GBP14.5million (USD20.6m/EUR23.1m) but last week it was valued at just GBP3.5m (USD5m/EUR5.6m).
The stock has been one of the worst performers on Ofex, the same exchange which Arsenal is a member of, while the club's showing on the field has gone from strength to strength. It won promotion from division two to division one in 2000, has put in creditable performances in televised FA Cup matches and presently stands in a reasonable mid-table league position.
In a recent match day programme, Gillingham FC chairman and chief executive, Paul Scally, said: "Ofex has not worked for us and I am disappointed with a number of aspects of this market."
Trading in shares of Division One soccer club Gillingham hae been suspended on the Ofex exchange after it announced it was planning to withdraw from the market.
