STOCK WATCH

MAGNOLIA Petroleum shares fell after the US oil and gas company revealed plans to cancel its listing on AIM.

It needs 75pc of shareholders votes when it meets them on June 7 to cancel its shares.

Magnolia, which listed in 2011, says its listing is not providing the funding it needs.

It added: ‘ The company’s share price remains depressed which further adds to the difficulty of raising funds through the AIM market.’

Shares tanked 69.6pc, or 1.6p, to 0.7p.