FCA cancels listing of Umuthi Healthcare Solutions

The Financial Conduct Authority (FCA) has decided to discontinue the listing of the standard shares of Umuthi Healthcare Solutions plc (UHS).

The FCA has determined that there are special circumstances, which preclude normal, regular dealing in the shares of UHS.  At this stage the FCA will not provide any further details of the circumstances which have led to the cancellation.

UHS has the right to appeal this decision by making representations to the FCA or referring it to the Upper Tribunal.

22 September 2022 update: On 5 August 2022, UHS referred the FCA's decision to discontinue its listing to the Upper Tribunal. The discontinuance continues to have effect, pending any decision by the Upper Tribunal to the contrary.

Notes to editors:

  1. Under FSMA s77 the FCA may suspend a listing if the smooth operation of the market is temporarily jeopardised or to protect the interests of investors.
  2. Under FSMA s77(1) and s77(2A) the FCA may cancel a listing on its own initiative if it determines that there are special circumstances which preclude normal regular dealing in the shares.
  3. Listing Rule 5.2.2 gives non-exhaustive examples by way of guidance including that “the issuer no longer satisfies its continuing obligations for listing” and “the listing has been suspended for more than six months”.
  4. A decision to discontinue a listing does not require any finding that listing rules or principles have been breached.
  5. At the time of cancellation, the FCA will issue a First Supervisory Notice to the issuer, and under FSMA s391 must publish such information about the matter to which that Notice relates as it considers appropriate.
  6. UHS has the right to make representations to the FCA in respect of the FCA’s decision and / or to refer this matter to the Upper Tribunal.