Printing and card services group Oakhill won shareholder approval to scrap its share listing on the official lists of the Irish and London stock exchanges and shift its stock to the small companies' markets on both exchanges, where the regulatory regimes are less demanding.

A special resolution seeking the go-ahead for the plan was passed by shareholders at an extraordinary general meeting in Dublin yesterday.

Companies applying to cancel a listing on the official lists of the Irish and British exchanges are required to gain approval from at least 75 per cent of the holders of their shares.

The Irish Enterprise Exchange (IEX) was set up by the Irish Stock Exchange in April, 2005, for small to medium-sized companies and was designed to complement a listing on London's Alternative Investment Market.

Companies listed on these markets are subject to fewer regulatory requirements.

For instance, they don't have to supply listing particulars or admission documents when they issue more securities and they also don't have to apply Combined Code on Corporate Governance.

"The AIM is a fast-growing market focused on growing companies and enjoys wide investor support from both the institutional and retail investor communities," Oakhill chairman Dan O'Donohue said in a letter circulated to shareholders before the meeting.

"Overall, the regulatory regime for AIM companies is better matched to their circumstances as small growing companies than that for larger companies on the UKLA official list."