It said any suggestion that it is the intention of some or all of the group’s management to take control of the business is false.
The group first announced it intends to leave AIM on 9 July, stating it is no longer in the best interests of shareholders.
At the time, it said the original attractions of trading on AIM had long since ceased to apply, particularly given the “considerable negative sentiment” surrounding the IFA industry.
It also said the perceived value of the group imposed on it by its stock market listing did not reflect the true value of the business.
The Board said these reasons still apply, and it would continue to recommend to shareholders its original resolution.
There will be a vote at the group’s general meeting at the end of the month.
