(Alliance News) - Parsley Box Group PLC on Friday said it it proposing to re-register as a private limited company as it set December 14 as date for a general meeting to vote on the plan.

The Edinburgh-based meal delivery focused on delivering ready meals to over 65-year-olds started trading publicly on London's AIM in March 2021 with a placing price of 200 pence per share.

Parsley Box shares fell 9.1% to 1.50 pence each in London on Friday morning.

At the general meeting next month, the proposal needs 75% approval of votes cast by shareholders. Parsley Box said it received irrevocable undertaking representing about 36% of the company's issued share capital to vote in favour of going private.

In late October, the firm confirmed that 2022 trading remained in line with market guidance. Back then it noted cash reserves in excess of GBP3.5 million and said it was in the process of assessing the various potential sources of capital available to the company to fund its medium-term growth plans.

In September, Parsley Box reported a half-year loss to June 30 of GBP2.8 million, narrowed from GBP5.4 million a year ago.

Revenue, however, dropped 32% to GBP9.6 million from GBP14.0 million. Notably, revenue from new customers plummeted to GBP899,000 from GBP3.0 million amid the ongoing cost of living crisis in the UK. To adapt, the company back then said it launched an "everyday low price" meal range.

By Tom Budszus; tombudszus@alliancenews.com

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