Parsley Box is considering its future as a listed company.
The direct-to-consumer provider of ready meals focused on the 65+ demographic announced that its board is in the process of assessing the various potential sources of capital available to fund its medium-term growth plans.
The stock exchange statement noted that this includes "consideration of whether its status as a publicly-traded company continues to be in the interests of shareholders as a whole".
The board currently consider that the cancellation of trading in Parsley Box ordinary shares of one penny each on the Alternative Investment Market "may provide greater opportunities to raise any additional capital required by the company in the future".
Any such delisting would be conditional on shareholder approval and the board stated that it intends to continue discussions with key stakeholders - with a further announcement to be made in due course.
The company was valued at £84m when it floated at 200p per share in March 2021. However, trading has been turbulent since then, with a share issue in March this year only raised a fraction of what was hoped for
Chairman Chris van der Kuyl subscribed for shares worth £1.87m - giving him a 19.2% stake - while chief executive Kevin Dorren bought shares worth £1.1m - giving him 15.2% of the business.
In July, the Edinburgh-based business saw its share price slip by more than a third, as falling order numbers and values led to a downgrading of revenue forecasts.
Interim results last month confirmed this, with new customer income also falling from £2.96m to £899,000 year-on-year.
Shares fell by around 60% today to just 1.6p, leaving the company worth around £1.18m.
The latest update added that trading remains in line with market guidance and Parsley Box has cash reserves in excess of £3.5m.
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