Shares for the recently saved retailer GAME have been delisted from the London Stock Exchange at the request of the group. This means that anyone holding on to shares in the hope that they would rebound after the announcement that OpCapita had swooped in to save the beleaguered firm will now have to wait for the administrator PwC to sell off other assets. If there's anything left after paying off other debts, share holders will receive some compensation.
"Further to the announcement of 21 March 2012 and the appointment of PWC LLP as administrators for the Group on 26 March 2012, GAME Group plc has today applied for the listing of its securities to be cancelled from the Official List and for the admission to trading of its securities to be cancelled from the Main Market of London Stock Exchange plc with effect from 3 April 2012," said a statement regarding the original request made yesterday.
GAME's shares dropped to a historic low of several pence during the darkest hours of its pre-administration period. This helped OpCapita, owners of Comet and now GAME as well, to buy up the chain of UK stores for as little as £1 - the same deal it made to buy up the electronics retailer last year.
It's expected that there will be a revamp of GAME locations, as well as some sort of integration between the two major UK retail stores, though what form this will take is at the moment unknown.
Ex head at GameStation Martyn Gibbs was announced as CEO of GAME just yesterday, marking his return after leaving in mid-2011.