The Dubai-based British smartphone maker i-mate, once considered a UK rival to RIM’s Blackberry (yes, I don’t remember that either), is planning to delist from London small companies exchange AIM, a last ditch effort to rescue the troubled company that has been hit by declining demand, production problems, a quickly diminishing cash pile and a share price that’s fallen through the floor, the company has announced. CEO and founder Jim Morrison, an ex-BT (NYSE: BT) mobile exec, will make the proposition in a general meeting next month that the company, which supplies Windows Mobile phones. The FT.com notes that the move will save i-mate some $2 million in listing expenses. In a statement, Morrison, who owns 76 percent of the firm, said he “fully expected i-mate to be a private company in 60 days.” The Company’s Non-Executive Chairman, Bernard Cragg and Non-Executive Director, Bill Gorjance will both resign upon i-mate’s delisting, with Morrison adding the role of chairman to his current one as CEO

[Via www.moconews.net]