Gable reveals plan to delist

Gable, a European non-life insurance company, has revealed that it plans to stop trading on the Alternative Investment Market (AIM).

Additionally, its nominated advisor and broker, Zeus, has resigned.

The delisting forms part of Gable’s cost-cutting process. In 2015, the company reported pre-tax losses of £24.3 million.

Gable had previously announced that, in the absence of a significant cash injection, it would have to significantly downsize or stop its operations. The company ceased writing new business in July this year.

Two remaining non-executive directors, Blaise Craven and Kevin Alcock, also resigned.

William Dewsall, chief executive officer and chairman, said: "I am extremely encouraged by the progress of discussions regarding future capacity and on changes made as a result of our strategic review announced in July. The delisting process forms a vital part of the cost cutting measures which were identified but, I am sure, will benefit the ultimate outcome of our plan."