Shareholders yesterday gave Walsall ironcaster Cham-berlin & Hill the green light to move from the Official Stock Market List to the Alternative Investment Market.
Last month the company, which has consolidated its Light Castings division on a site in Walsall after closing down and selling a Bloxwich
base, said AIM was the "more appropriate market" for one of the smallest firms on the Official List.
At the time Chamberlin & Hill said it believed it would attract more interest from punters on AIM, as the market is designed for small companies, has specialist institutional investors and allows private investors tax
benefits. The proposals, approved by shareholders at yesterday's extraordinary general meeting, will see Chamberlin & Hill cease trading from the Official List on November 22 and begin trading on AIM the following day.
Chairman Tom Brown also issued a trading update in which he said first half results had come under increased pressure due to increased costs of energy and raw materials.
"Demand for heavy castings has not recovered as expected," he added.
"The operating performance of both foundry businesses has also been adversely affected by the previously announced
restructuring programmes, while central costs have been temporarily inflated by recruitment to strengthen both operational and group management.
"These factors have combined to reduce the first half year results further.
"Although adjustments to selling prices and other actions are expected to deliver improvements in the second half of the year, we now anticipate that the full year results will fall short of the level achieved in the last two years.
"The directors believe that the trend of the second half will continue into the next financial year, when an improved performance is anticipated."