I-mate, the start-up company that was once touted as a potential UK rival to BlackBerry, plans to delist from Aim in a final attempt to salvage a business hammered by falling demand, production problems, a dwindling cash pile and a nearly worthless share price.

Jim Morrison, chief executive, will propose in November that the smart-phone supplier delists to save $2m (£1.15m) in annual listing expenses. Mr Morrison, a former BT mobile executive, owns nearly 76 per cent of I-mate shares so the proposal will almost certainly be accepted.